Dominican Republic MOF Releases Draft Bill on Fiscal Modernization

The Dominican Ministry of Finance Oct. 8 released a draft bill on Fiscal Modernization. The bill includes measures to: 1) provide a progressive individual income tax rate scale, which includes tax rates of 15 percent for surplus income exceeding 416,220 Dominican pesos (US$6,909) and up to 624,329 pesos (US$10,364), 20 percent for surplus income exceeding 624,329 pesos and up to 867,123 pesos (US$14,395), 25 percent for surplus income exceeding 867,123 pesos and up to 2.4 million pesos (US$39,842), and 27 percent for surplus income exceeding 2.4 million pesos; 2) provide a tax exemption for income not exceeding 416,220 pesos; 3) ...