Dominican Republic gets tougher on tax havens

Santo Domingo .- The Internal Taxes Directorate (DGII) on Mon. presented the draft of the norm to revaluate assets, which will allow those who avail themselves of it, to declare or revalue their assets and rights and regularize their tax status for outstanding debts.

The document establishes the operational criteria so that the owners of real estate in the country or abroad, furniture (furniture, vehicles, machinery and equipment), aircraft, yachts and the like, cash, inventories and shares and titles securities, can be regularized or revalued.

However, those who try to make transparent the money they have deposited in banks in Panama, Bahamas, Barbados or other nations classified as high-risk or non-cooperating countries, as well as the goods from illicit activities, will not be able to benefit from the regulation.

The text establishes that applications that try to legalize the possession of currency deposited in foreign financial entities and securities registered or guarded in jurisdictions of countries identified by the Financial Action Task Force (FATF) as high risk or non-cooperators, also called tax havens will be declared inadmissible.