Economy April 18, 2016 | 7:45 am

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No more tax reforms, Dominican Republic needs a fiscal ‘revolution’

Santo Domingo.- The president of the Greater Santo Domingo industrialcompanies association (AEIH) on Sunday said more than another tax reform, theDominican Republic needs a fiscal revolution that deals with income and spending,and organizes the model of issuing public debt, which he affirms poses a highcost to the country.

Antonio Taveras Guzman hailed that president Danilo Medina himselfaddressed the topic of the fiscal pact in public, as an alternative to curb thespiraling debt and cautioned against the temptation to make "new tax patches.”

The industrialist said is essential to be clear from theoutset of the talks leading to the pact, established in the NationalDevelopment Strategy (END), that the reform should focus on the long term and shouldprofessionalize the tax collecting agency so it functions effectively against evasion.

"We have extremely high levels of evasion and we haverepeated it on many occasions. We have an unfair tax system in which many don’tpay anything and very few pay everything. We have to break with that regressiveaspect which operates sometimes with the connivance of politicians," hestressed.

Public debt and reform

Taveras said a fiscal revolution must solve the probleminvolving public finances have two debt issuers with varying financial costs, citingon the one hand the Central Bank, and the Finance Ministry on the other. “Thatdoes not exist anywhere in the world.”

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