Economy May 20, 2024 | 5:46 pm

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ABA deems Tax Reform crucial for achieving development objectives

Santo Domingo.– Rosanna Ruiz, the executive president of the Association of Multiple Banks (ABA), emphasized the necessity of tax reform to achieve the goals of the National Development Strategy. She stressed that this reform should involve public-private consultations.

“The best reform is to grow, because if wealth and jobs are generated, there are resources to raise,” Ruiz stated during an interview on the ImoneyRadio program, as shared on the ABA’s X account.

She highlighted that the sector’s tax pressure is 22.9%, but it reaches 29% when including the bank consolidation fund, the contingency fund, and the supervision fee, making it the highest among all economic actors.

Ruiz believes that facilitating taxation for micro, small, and medium-sized enterprises (MSMEs) is crucial for their formalization and ease in tax payments. “It is vital to reorganize public spending and promote public-private partnerships to finance infrastructure and productive works,” she said.

She assured that the financial sector is ready to contribute to the negotiation table for the crucial fiscal pact needed for the country’s economic and social development. She also noted opportunities to expand the tax base without penalizing productive sectors.

“The role of the financial system is fundamental for the sustainability of public finances and to continue generating wealth and jobs,” Ruiz concluded.

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May 20, 2024 8:14 pm

The role of the finance sector(banks) is to handcuff middle class people into life long generational debt for profit through the collaboration of government taxation. in the name of progress and economic growth. just tax the rich

Paul Tierney
May 21, 2024 9:50 am

The ABA wants reform because it gains revenue from handling tax accounts. The public suffers new taxes and tax increases. The middle class shrinks, the poor get poorer, the rich get richer.