Santo Domingo.– As part of the Anti-Crisis Plan that will be submitted to the National Congress next week, the Government proposed updating the tax-exempt threshold for Income Tax (ISR) for individuals.
The initiative contemplates increasing the tax-exempt amount from RD$34,685 to RD$39,900 per month, with the goal of adjusting the tax scale to the accumulated inflation of recent years and easing the tax burden on lower-income taxpayers.
According to the document presented by the economic authorities, the measure seeks to protect the purchasing power of workers and adapt the tax system to the current cost of living.
The proposal is part of a reform package that includes tax amnesty, the elimination of advance payments for micro-enterprises, higher deductions for educational expenses, and other provisions aimed at strengthening the economy and public finances.
The Dominican Government will submit said bill to the National Congress with a new revenue strategy that seeks to capture between RD$40,000 and RD$50,000 million additional as a response to the pressures that the international crisis imposes on public finances, which also contains measures that will strengthen micro and small businesses.
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During a press conference, the Minister of Finance and Economy, Magín Díaz, explained the scope of the initiative, conceived in four dimensions: pro-growth measures, tax simplification, combating evasion, and fiscal consolidation.
