Dominican tax agency extends deadline to ‘revalue’ assets

Santo Domingo.- Internal Taxes (DGII) published on Tuesday the general rule 02-21 that establishes the form, forms, accounting procedures and conditions that must be observed by taxpayers who seek to revalue their assets or regularize their tax debt situation.

The measure has drawn wide rebuke as some sectors label it as a means to launder illicit assets.

Taxpayers may submit their request by completing and sending the corresponding form, through the Virtual Office (OFV), by email or in person before the corresponding local administration, attaching the supporting documents, within a period of 90 calendar days counted from Tuesday to May 18.

“This new legal framework reincorporates the provisions of the general rule 05-2020, published last year, for the application of the provisions of Law 46-20 on Transparency and Equity Revaluation and its amendments, reintroduced by Law 07-21,” the DGII said.

The rule provides in article two that individuals, legal entities, undivided successions and any subject or entity of related private law can benefit from the special tax regime, including autonomous patrimonies and economic groups duly declared by this tax entity.