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BiggerSenate approves bill granting tax exemptions for yachts and jet skis
Unsplash image by Carles Rabada
Santo Domingo.- The Senate of the Republic approved in its first reading a bill that seeks to regulate recreational nautical tourism in Dominican waters and promote the sector through incentives. Drafted by Senators Alexis Victoria Yeb and Ginnette Bournigal, the initiative proposes a “zero tariff or tax rate” for vessels included in Law 146-00, such as yachts, jet skis, sailboats, motorboats, and other recreational or sporting boats, for a period of 10 years.
The bill also grants exemptions for investments in basic infrastructure and services linked to nautical tourism. Benefits include a 15-year exemption from property taxes on land used for development projects and the elimination of import taxes on equipment, materials, and accessories not produced locally for construction, renovation, or commercial use in the sector. Fuel and lubricants for vessels would also be supplied at the same price as local consumption.
In addition to incentives, the proposal sets penalties for abandoning vessels and polluting the sea. Although the Senate has previously approved the bill, it has failed to pass in the Chamber of Deputies, where it will again be debated after this latest approval.
This is so dumb
The state could become more dependent on taxing the poor and middle class, while the rich enjoy exemptions. Smh Dominicans always think in short term and not long term. No wonder people don’t take the country seriously.
Bad move, suspect the vendors of yachts, jet skis, and ect. were lobbyists for this bill. The rich and well to do get exemptions. Meanwhile, lower middle class and the poor will be paying more taxes on foods and everyday goods removed from tax exempt statis.
The Senate should be seeking solutions to reduce the importation of fossil fuel and energy consuming vehicles but instead creates a demand for them by creating zero tax rates. It should be increasing tax rates for them. Wondering, what did the lobbyists promise in return? Again, bad move Senate.