Economy June 16, 2016 | 9:02 am

Industries say start of talks toward fiscal pact ‘irreversible’

Santo Domingo.- The industries of Herrera and Santo DomingoProvince grouped in the AEIH on Wednesdayconsidered the start of talks leading to a fiscal pact at this time is "irreversible."

Otherwise, he says, within a year the situation will beunsustainable in fiscal matters.

"The country deserves a far reaching fiscal revolution… But that agreement must be agreed among the social, business and governmententities," said AEIH president Antonio Taveras.

Quoted by eldia.com.do, the business leader said thecurrent taxation is based on spending, and so far this year has doubled theamount of deficit projected. "It’s becoming a snowball," he said, notingthat they’ve been covering the deficits with debt for years.

“Consequently, the public debt has risen by 600% from 2000to 2015.”

He said the most loans in history have been taken since2008 to date, during the administration of the ruling PLD party, for which he reiterateshis affirmation that the country needs a “tax revolution,” which must beaccompanied by a sweeping institutional transformation.

"We’re not going toward a new tax formula to put moremoney into the government so it meanders out of control … changes have to bemade."

Taveras said the business sector is proposing the passingof a law on fiscal transparency; and which creates an independent Accounts Chamberwhich can oversee the government and fight corruption.

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