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Tax reform and more taxes on products and property

Tax reform and more taxes on products and property

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According to an analysis by Lilian Tejada in Diario Listin, published on August 17, 2021, she comments that the tax reform would bring taxes on more products, wealth, and patrimony.

1. Expectation of tax reform

Due to the Government proposal of a tax reform, which has been discussed, the proximately President of the Republic, Luis Abinader, is going to announce it. It has been commented that the reform in process is oriented towards the increase of taxes on wealth and property.

2. Possible extension of ITBIS

Likewise, the extension of the ITBIS to more food products, other goods, and services has been contemplated. Although, according to Ceara Hatton, the rate, currently 18%, would be lowered, and the products of the basic basket would be protected.

3. Guarantee tax on a series of products

The Minister in charge said: “The problem occurs when you exclude a set of products, letting something go. So, it is preferable to raise it a little but guarantee that all goods pay and, thus you can have more efficiency in tax collection”. However, the tax reform would be progressive and affect those who have the most.

4. Debt

As reported in the newspaper, the minister reiterated that between September last year and July 2021, the debt has increased by RD$7.6 billion, and, regarding the money, it has been borrowed to face the Coronavirus pandemic, especially for the purchase of vaccines. 

Source: Listín Diario 18/08/21

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