This Friday, July 3rd, the application of the increase to the tax on checks and electronic transfers begins, which now becomes 0.20% of the transferred value. Previously it was 0.15%.
This means that anyone who makes a bank transfer or issues a check will pay about two pesos for every thousand pesos you transfer or issue in checks.
For example, a transfer of 10 thousand pesos will pay 20 pesos, one of 40 thousand, 40 pesos, and so on.
The payment of this tax will be charged to the account issuing the transfer or check so that it is withheld by the General Directorate of Internal Taxes (DGII) and is different from what you pay when you make a quick transfer between different banks or LBTR, which is RD$100 pesos.
This is part of Law 30-26 on Pro-Economic Growth, Fiscal Simplification, and International Crisis Mitigation Measures recently approved by Congress and promulgated by the Executive Branch.
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Banks have indicated to their clients that: “This tax is governmental in nature and its application is in response to a current legal provision. Financial institutions act solely as withholding agents, so the amounts collected are transferred in full to the Dominican State and do not represent income for the bank”.
