Santo Domingo.- The Santo Domingo Economic and Social Development Council (CODESSD) suggested on Thursday that the upcoming tax reform in the Dominican Republic should include the elimination of the Tax on Transfers of Industrialized Goods and Services (ITBIS) for tourists.
According to CODESSD, this measure would attract consumer tourism, which is currently lacking, ultimately resulting in greater benefits for the country.
“We believe this will significantly increase the number of visitors to the Dominican Republic, as statistics have shown growth wherever similar measures have been implemented. We urge the authorities to consider this proposal in the upcoming tax reform,” the statement reads.
In a press release, the organization led by Samuel Sena noted that countries with tax refunds for tourists experience a substantial influx of consumers year-round. He highlighted that this provision is already in place in Latin American countries such as Mexico, Argentina, Colombia, and Chile.
In the Dominican Republic, ITBIS is equivalent to the Value Added Tax (VAT) in other countries.
It is essential to note that each country has specific rules and procedures for tax refunds, so specialized advice is recommended to navigate these processes effectively.