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Income tax issues to consider

Income tax issues to consider

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On August 18, 2021, an analysis by Críspulo Pérez regarding the Income Tax as a source of income for the State was published in the portal of “El Hoy”.

Special position on indirect tax reduction

According to the commentator, in democratic states, the main source of income comes from taxes, whereby public and private budgets are different. The ITBIS (Impuesto sobre Transferencias de Bienes Industrializados y Servicios – Tax on Transfers of Industrialized Goods and Services) was created in 1983, the Dominican Republic, and the cited author was always against this tax, although it has become the main source of income, contributing to exhibit as an achievement all the tax efforts, according to statistical data.

What the commentator raises is contrary to indirect taxes and also to wealth taxes because they are supposedly aggressive and tend to confiscate, considering their meaning for each sector.

The reason for sustaining this is because it is not fair that the greatest tax burden continues to fall on the shoulders of the poorest all the time. After all, the tax system is based on consumption.

In this sense, the above-mentioned commentator points out: “All the tax reforms we have lived through have been to increase taxes believing the increases should reflect a greater collection. Crass mistake, which is why we hope that the Fiscal Pact will reflect a decrease in indirect taxes”.

Source: El Hoy 18/08/21

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