Dominican Republic revenue drops 14.3% to US$4.8B

Santo Domingo.- Budget Directorate (Digepres) data indicate that for the first half of the year the treasury received about RD$285.5 billion (US$4.8 billion)) in income, which was less than half of what the government calculated in the supplementary budget recently approved by Congress.

The accumulated income registered in the first six months means a 14.3% drop. Only in June the year-on-year decrease was 25%, when registering revenue of RD$41.1 billion, according to official data.

In the Complementary Budget approved recently, a new tax revenue goal of RD$673.2 billion was defined at the end of this year. However, the tax revenue received in the first half of the year only represents 42% of the money estimated by the authorities in the reformulated budget.

The main income that the country received between January and June this year was from ITBIS (VAT), about RD$88.8 billion, while companies received RD$33.9 billion pesos from income tax.