6 November 2019
According to recent reports, the Dominican Republic Senate (upper house of Congress) is currently considering feedback on a draft bill for the introduction of an amnesty regime for the voluntary declaration and revaluation of undisclosed assets. The amnesty regime would allow both individuals and legal entities to declare undisclosed assets without being subject to any surcharges and penalties, provided that the related tax is paid. A reduction in the tax rate on assets and real estate had been originally proposed but was reportedly removed in the current draft. Taxpayers seeking to benefit from the amnesty will need to apply within 90 days after the bill is enacted into law.
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