The Ministry of Finance paid over RD$91 million to a foreign company for consulting services and tax obligations between 2019 and 2020

Santo Dominicana. – A report from the Ministry of Finance (MH) reveals that the institution disbursed the sum of RD$91,173,443 for advisory services and the assumption of tax obligations during the period between January 1, 2019 and December 31, 2020. The data, expressed in national currency, detail the payments made, including the deductions corresponding to Law 253-12.

The public document indicates that the company Guggenheim Securities LLC was one of the main beneficiaries of these payments. During the year 2019, a total of RD44,999,927 was invoiced for services rendered, of which RD12,149,982 were deducted in compliance with current legislation, resulting in an amount assumed by the Ministry of RD$57,149,905.

In the year 2020, the amounts invoiced to the same entity amounted to RD26,790,188, with a deduction of RD7,233,351 under the same law. This led to the Ministry of Finance assuming a total of RD$34,023,538 in this second period.

The consolidated information for the two years shows a total invoiced of RD71,790,115 and deductions of RD19,383,333, which finally yields the figure of RD$91,173,443 assumed by the governmental entity.

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This report provides an overview of the financial transactions of the Ministry of Finance related to the hiring of consultancies and the management of tax burdens. While the report details the amounts and beneficiaries, it does not specify the concrete details of the advisory services provided by Guggenheim Securities LLC.

It is necessary to provide more details about the nature of these contracts and their impact on the financial management of the Dominican State.