Senate authorizes bond issue

[NewsWhore]

The Dominican Senate has passed three legislative proposals that will re-launch the industrial free zones, repay the government's internal administrative debts and buy back 50% of the 1999 bond issue, as well as removing 17 taxes and tariffs that date from 1941 and produce very little money for the government. Now these three bills go to the Chamber of Deputies for their approval. According to Listin Diario, the 23 senators present passed the "Efficient Collection" proposal unanimously. The bill removes 17 little taxes that generate RD$600 million for the government. When the bill becomes law, there will be a unique 3% tax on real estate transfers and motor vehicle transfers. The legislation is aimed at simplifying the country's fiscal system and facilitating imports and establishing a company. The other legislation of note authorizes the President to issue a financial guarantee for RD$1.2 billion to strengthen the industrial free zones. The senators also voted to authorize the Chief Executive to issue bonds totaling RD$4.4 billion to pay debts accumulated by the government and its dependencies. Originally, the bond issue was for debts incurred up to 31 December 2003, but the senators extended the timeframe to include debts up to 31 December 2005.

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