Magín Díaz warns that DR must push reforms now to avoid a crisis

Santiago.- The Minister of Finance and Economy, Magín Díaz, warned this Thursday that the Dominican Republic must agree on and promote the fiscal and structural reforms that the country needs before facing a crisis, and not after, as —according to his memory— happened in the processes of 1992 and 2004. Díaz emphasized that there is no imminent reform, but rather the urgency to open the national debate.

“The challenge is to reform before a crisis. That doesn’t mean there’s an imminent reform, but we must discuss it,” he said during his speech in Santiago.

The official explained that distortions accumulated over the years persist and must be corrected gradually and intelligently to preserve social stability. Among these, he cited: the lack of indexation of the Income Tax, whose exempt minimum has not been updated for years; the price of fuels, frozen since 2015; and the cost of the sticker, unchanged since 2017. The values of the properties, which do not reflect the current market, impacting collection. Díaz emphasized that the country must discuss “the entire system, not just one point.” He stated that the government has avoided adjustments so as not to affect the population, but warned that “there are distortions that must be corrected.” You can also read: He asserted that a more realistic pricing and tariff scheme would contribute to better economic performance in the medium term. In other news, the minister highlighted that the fight against tax evasion is one of the pillars of the current administration, and guaranteed that the Government will apply the necessary measures to address it, always adhering to due process. The official made these statements while participating this Thursday as a guest speaker for the Association of Industrialists of the Northern Region (Airen) at its annual luncheon, held at the Dominican Utesa Convention and Culture Center. The activity was led by its president Luis José Bonilla Bojos and with the participation of the Minister of Finance and Economy, Magín Díaz, brought together industrial leaders, government authorities and business representatives from the northern region.