Economy September 20, 2016 | 9:37 am

Buy car in DR

Ban on US$-only charges doesn’t affect retailers, but caution reigns

Santo Domingo.- The Central Bank’s ban on the use of sales pointterminal (Veriphones) which charge exclusively in US dollars, doesn’t affectits member companies, the national retailers grouped in the ONEC said Monday.

The ONEC said its member companies don’t use those channelsbecause all their transactions are in Dominican pesos.

Nonetheless ONEC president Antonio Ramos said there areother charges in dollars that directly affect the companies and the country’s coffers.

He said ONEC members are affected by the market distortionsWeb purchases create, "without any control by the tax authorities as tothe amount is a misapplication of a tax-exemption decree, are traded in dollarsand it’s an unfair competition in commerce."

Ramos said the measure seriously affects not only businessprofitability, but also the nearly RD$5.0 billion in revenue.

The business leader added that in addition to taking careof the dollars handled through the various channels in the domestic market, theauthorities also need to monitor transactions in dollars with foreign marketsthat in his view ultimately hinders the possibilities of government investment,sends jobs abroad and harms local businesses.

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