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Tuesday, August 9, 2011

Treasurer says there’re too many taxes, tax breaks

Treasury minister Daniel Toribio Wednesday affirmed that Dominican Republic can’t withstand more taxes. “The current taxes are enough for the country to have a reasonable tax pressure.”

He stressed the need for everyone to pay taxes and said he’s against maintaining the many tax exemptions for the various sectors. “If the employee pays taxes, why don’t you pay? If you invest in free zones or tourism, or the border, why don’t you pay taxes? ”

The official said tax exemptions must be provided specifically for investments in activities which the Government wants to stimulate, “but not for the profits that you have in that activity, everything can’t be stimulus” in economy activities.

Toribio, interviewed by the Corripio Communications Group, said he agrees with recent statements by the Herrera Industries Association, that the Government must stimulate investment with tax breaks, but not for most of the economic activities.

When asked which tax privileges the Government should repeal, the treasures said all exemptions on the profits of companies should be eliminated, because in his view, those benefits could be used to reinvest, or to buy a yacht, or an airplane or others not necessarily in society’s interest.

Source: Dominican Today

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