NewsWhore
06-09-2011, 04:30 PM
The Fernandez administration economic team has reached an agreement on the new 1% tax on financial assets with the Association of Commercial Banks of the Dominican Republic (ACRD). Central Bank Governor Hector Valdez Albizu headed the talks.
The new tax is expected to raise RD$4.5 billion in additional revenues for the government in 2011 and 2012, as reported in El Nacional. The funds are deemed crucial for maintaining macro-economic stability in view of the increasing government fiscal deficit.
After a four-hour meeting on the 11th floor of the Central Bank, leading executives and bank managers agreed to the new tax on yield-producing assets.
Speaking for the bankers, ACRD president Jose Manuel Lopez Valdes said, "We need to preserve this stability and we, as an important sector of the economy, have to contribute our grain of sand". He said that the agreement committed the banks to doing everything possible to ensure that bank charges only increase minimally, and that credit must continue to flow to contribute to an increase in local production. Lopez Valdez added that the government agreed that investments in bonds the banks maintain in the Central Bank would not be subject to the 1% tax, and neither would the funds that have been deposited for legal reserves.
More... (http://www.dr1.com/index.html#1)
The new tax is expected to raise RD$4.5 billion in additional revenues for the government in 2011 and 2012, as reported in El Nacional. The funds are deemed crucial for maintaining macro-economic stability in view of the increasing government fiscal deficit.
After a four-hour meeting on the 11th floor of the Central Bank, leading executives and bank managers agreed to the new tax on yield-producing assets.
Speaking for the bankers, ACRD president Jose Manuel Lopez Valdes said, "We need to preserve this stability and we, as an important sector of the economy, have to contribute our grain of sand". He said that the agreement committed the banks to doing everything possible to ensure that bank charges only increase minimally, and that credit must continue to flow to contribute to an increase in local production. Lopez Valdez added that the government agreed that investments in bonds the banks maintain in the Central Bank would not be subject to the 1% tax, and neither would the funds that have been deposited for legal reserves.
More... (http://www.dr1.com/index.html#1)