It aims to reduce commercial informality and tax evasion
The director of Internal Taxes, Luis Valdez, said that through the modification of Law 46-20 on Transparency and Equity Revaluation, an opportunity will be given to small, medium and large entrepreneurs who have never declared their assets , to do so in the entity formally and they will only be charged 2% per year so they can catch up.
Valdez said that other companies that have a building, money in banks and other actions that do not have it declared before Internal Revenue, now have the advantage of declaring these assets without penalties or without the organization inquiring where those assets come from. .
“Now they have the opportunity to revalue their assets by paying only the corresponding 2% per year to reduce informality, which is what Law 46-20 seeks,” Valdez commented in a meeting with the national press and authorities of the tax sector.
Other aspects of the 05-2020 regulation of the General Directorate of Internal Taxes is the default plan that provides a facility for those who have files of overdue debts for some years and now have the chance to pay only 70% of the amount. that they owe , without charges or interest, in a unique and immediate way.
Valdez assured that with these measures the State could reach resources for around RD $ 50,000 million, although to be “conservative”, he said that what can really be recovered is around RD $ 15,000 million from October 2020 to January 2021.
He added that this process was agreed with the large taxpayers of the country, who agree with the beneficiaries can declare undeclared assets, revalue their assets, pay certain debts, eliminate nonexistent liabilities, as well as declare and integrate unregistered liabilities in the Accounting books.
When asked if the norm could cause assets from the illicit business to be registered, Valdez responded that this is an opening for everyone and that this is being carried out throughout the world and for the Dominican Republic it has been an opening to apply Law 46-20 although some measures are being taken.