14 October 2020
The Dominican Republic has published the draft Budget for 2021. Some of the main tax-related measures of the budget include the introduction of new special taxes to increase revenue, including:
Further to the above, the budget also includes that the annual inflation adjustment for individual income tax purposes will not be applied for 2021, and the exemption for the "Christmas salary" will be temporarily suspended for 2021. It is also provided that the charge of the tax on the transfer of industrialized goods and services (ITBIS) in relation to textile manufacturing, as a priority industry, will be reduced by 50%.
Click the following link for the Dominican Republic Budget webpage.
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