NewsWhore
11-21-2006, 05:30 PM
The final version of the fiscal reform package has been handed to President Leonel Fernandez so he can review it and decide on any last minute changes before sending it to Congress for approval. Finance Minister Vicente Bengoa said in Hoy newspaper that the package that was given to the President does not include any substantial changes. Bengoa added that the team working on the project has removed the 10% tax on insurance and replaced it with the single 16% ITBIS (VAT) tax. Bengoa says that butter, chocolate, yogurt and 400 other food items are on the list for 16% ITBIS tax, but that the President would have the final word on whether or not some items get taxed. The taxation of basic family goods has led to strong criticisms from both national and international quarters. United Nations representative in the country Nicky Fabiancic has called for equality when deciding the scope of the reform, so that the gap between the rich and the poor doesn't continue to grow.
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