NewsWhore
10-07-2011, 03:30 PM
The Department of Taxes (DGII) is defending its stance that banks should serve as retention agents for the 1% tax on interest payments. In a paid advertisement published today, the DGII said that the financial system paid interest for RD$54 billion in 2010, of which RD$30 billion were received by companies and are taxable income. But, companies only paid due taxes in half of the cases. The DGII says there is a difference of around RD$16 billion in income received and declared. The DGII says it has not received RD$4.6 billion due for 2010. It defends Regulation 13-2011 that states that the banks should serve as retention agents in order to prevent the situation where some companies pay and others not.
A court will decide today on the request for the DGII to revoke the measure submitted by representatives of local financial organizations. The financial entities say that there is no time to implement mechanisms to retain the taxation. The request will be heard at the Civil and Commercial Chamber.
Edgar Barnichta and Eduardo Jorge Pratts, representatives of the financial entities say that Regulation 13-2011 violates legal dispositions. They said that it had not been publicly debated as established by the Constitution and the Law of Free Access to Public Information, does not take into account Art 309 of the Tax Code that exempts banks from being retention agents, or Art 56 of the Monetary and Financial Law on banking secrecy.
More... (http://www.dr1.com/index.html#2)
A court will decide today on the request for the DGII to revoke the measure submitted by representatives of local financial organizations. The financial entities say that there is no time to implement mechanisms to retain the taxation. The request will be heard at the Civil and Commercial Chamber.
Edgar Barnichta and Eduardo Jorge Pratts, representatives of the financial entities say that Regulation 13-2011 violates legal dispositions. They said that it had not been publicly debated as established by the Constitution and the Law of Free Access to Public Information, does not take into account Art 309 of the Tax Code that exempts banks from being retention agents, or Art 56 of the Monetary and Financial Law on banking secrecy.
More... (http://www.dr1.com/index.html#2)