Banks to take 1% to Supreme Court

[NewsWhore]

The Superior Administrative Court has rejected a recourse presented by savings banks and commercial banks in protest at the Department of Taxes (DGII) requirement for the banks to serve as retention agents for the 1% on interest paid on company interest payments and report each case to the DGII, the case now moves to the Supreme Court. The Supreme Court will determine whether it is in violation of the Constitution. The financial institutions argue that the rule is in violation of the Tax Code, the Monetary and Financial Law, the law of free access to public information and the Constitution. But the Superior Administrative Court presided by Sarah Henriquez Marin was of opinion that the DGII could apply Rule 13-2011 that states that the banks must act as retention agents for the 1% interest.

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