Taxable income increases

[NewsWhore]

The Tax Department (DGII) released the updated pay scales for income taxes yesterday. The new rules will allow a tax-free income of RD$26,334.75 per month. Any earnings over this amount will be taxable. This is a RD$2,147.84 increase over 2007. The DGII also reported that the Adjustment Multiplier for Inflation for the fiscal year ending 31 December 2007 will be 1.0888. This information fulfills the requirements of Article 327 of the Tax Code and Regulation 105 of the Income Tax Code. The new yearly incomes will be taxed at the following rates: Up to RD$316,017 is exempt; the money from RD$316,017 to RD$474,024 will be subject to a 15% tax; the money received between RD$474,024 and RD$658,367 will pay a fee of RD$23,701 plus 20% of the money over RD$474,024. Income over RD$658,367 will pay a fee of RD$60,570, plus 25% of the amount over RD$658,367.
The full tax table is available at www.dgii.gov.do (http://www.dgii.gov.do). Go to the Publications section.

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