Tax Changes In The Dominican Republic

A more efficient tax system has been put into place in the Dominican Republic with changes you should be aware of.

As one of the strongest economies in Latin America and the Caribbean, the Dominican Republic hosts corporations from all over the world. It has political and economic stability as well as strong social and educational policies. However, according to the World Bank Ease of Doing Business survey, the Dominican Republic ranks 149th for ease of paying taxes, taking an estimated 317 hours a year and costing 49% of profit.

The World Bank report: "Gearing up for a More Efficient Tax System in the Dominican Republic", states tax losses from fraud, fiscal evasion and bad management of the Transfer of Industrialized Goods and Services Tax (ITBIS, in Spanish), are among the largest in Latin America and the Caribbean. The government is aware that a more efficient tax system is required to stem these losses

Recent tax changes

As a result, the Fiscal Administration has submitted new...