- Dominican Ministry of Finance released a draft bill on Fiscal Modernization
- Includes measures such as a progressive individual income tax rate scale
- Tax rates range from 15% to 27% based on income levels
- Provides tax exemption for income below a certain threshold
- Specifies an 18% general VAT rate for specified transactions
- Lists goods exempt from specified tax
- Exempts micro and small enterprises from income tax for first three fiscal years
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
