Economy September 7, 2018 | 12:34 pm

Gov. eyes more property taxes

Santo Domingo.-  The Executive Branch submitted to the Senate a bill that proposes “a special tax regime with a transitory nature” to regularize tax payments to Internal Taxes (DGII) through the declaration or assaying of personal property and real estate, as well as the possession of accounts in national or foreign currency.

The initiative, which would be applied based on the Tax Code and the Money Laundering Law, states that “individuals, legal entities and undivided estates that declare or revalue, voluntarily and exceptionally, may benefit from this regime.”

In the proposal submitted on September 3, assets that may be subject to declaration or revaluation are described as: the possession of national or foreign currency by deposit declaration in an authorized entity, the properties over which it has not been formulated no requirement for payment by the Tax Administration “may be revalued” and personal property located in the country, including assets.

The bill proposes to establish a tax rate on the total value of declared assets, as a single and definitive payment, as follows: possession of national or foreign currency at 5.0 percent of the declared value; 3.0 percent real estate; declaration of inventories 5.0 percent, revaluation of real estate 3.0 percent on the difference between the revaluation value and the revaluation of assets that entails a decrease in assets, 5.0 percent of the declared value.

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