NewsWhore
06-27-2011, 02:10 PM
The Presidency has signed Law 139-11 that creates and raises taxes to compensate for the rising government fiscal deficit. The government expects to collect RD$9.6 billion in extra revenues. Income tax on companies was increased from 25% to 29%, formerly duty free industry local sales will pay 2.5%, and there are new and increased taxes on gambling.
The government needed to demonstrate the added revenues in order to secure the approval of the International Monetary Fund for the fifth and sixth reviews of the Stand-by arrangement and obtain clearance for new sovereign bond issues on international markets and disbursements of funds from the IMF as part of the ongoing Stand-by arrangement.
More... (http://www.dr1.com/index.html#6)
The government needed to demonstrate the added revenues in order to secure the approval of the International Monetary Fund for the fifth and sixth reviews of the Stand-by arrangement and obtain clearance for new sovereign bond issues on international markets and disbursements of funds from the IMF as part of the ongoing Stand-by arrangement.
More... (http://www.dr1.com/index.html#6)