Minister of Finance outlines scope of fiscal reform

DOMINICAN REPUBLIC - In Brief 26 Sep 2024 by Magdalena Lizardo
Although the government has not yet presented the concrete content of its fiscal reform proposal, yesterday the Minister of Finance, Jochi Vicente, outlined the strategy to be followed for increasing fiscal revenues. The fiscal reform would be guided by four key principles: commitment of all sectors to the fiscal pact; protection of the most vulnerable population; tax equity to ensure that all businesses compete on equal terms; and a direct attack on tax evasion and avoidance through the strengthening of tax administration. Tax exemptions will be reviewed. The government aims to raise USD 1.8 billion through the fiscal reform, which will allow for increased investment in key areas such as public safety, mass transportation, and primary healthcare. Additionally, investments are planned for the reform of the electricity sector, as well as for strengthening the management of local governments and recapitalizing the Central Bank. Minister Vicente indicated that capital expenditure needs to increase from the current 2.7% to 5% of GDP.

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