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Dominican Rep

20 January 2021

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The Dominican Republic Extends Proindustria Tax Incentives

The Dominican Republic's Industrial Development and Competitiveness Center (Proindustria) has announced the publication of Law 242-20 on 28 December 2020, which provides for the extension of the tax incentives for qualifying taxpayers under the Proindustria Law. The incentives are extended for 15 years and are primarily available for manufacturers to renew and modernize their activities, including:

  • A 50% reduction in the tax on the transfer of industrialized goods and services (ITBIS) payable on the Import of raw materials, machinery, and capital goods, as well as additional possible compensation for the payment of ITBIS;
  • The option for qualifying taxpayers to choose:
    • accelerated depreciation (2 times standard deprecation rates) for acquired machinery, devices, and technology; or
    • a deduction (allowance) from taxable income equal to 50% of investments made in the acquisition of machinery, devices, and technology;
  • The exclusion of fixed assets acquired during the industry renewal period established for the renewal of the industry from the tax base of the asset tax.

Without the 15-year extension, the incentives would have expired on 31 December 2020.

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