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Export processing zones: 70% of jobs are at risk

posted on: Oct 5 2012 14:1 by RDugey. Viewed 2780 times.

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Approved the tax reform proposed by President Danilo Medina, the EPZ sector would lose competitiveness and 70% of jobs falls at risk of being lost, since it envisages a tax of 10% dividends and the Elimination of exemptions.

This was stated the President of the Dominican Association of free trade zones (Adozona), Aquiles Bermudez, who said that the biggest concern is that foreign companies migrated to other countries where there are better conditions for investment.

"We estimate that 65% of enterprises in EPZs are foreigners and if we have 135 thousand jobs at this time, it could affect 70% of those," said Bermudez to be interviewed out of the Hall of the Council of Government, of the National Palace.

The draft further States that "enterprises in free zones when they transfer assets or provide services to a natural or legal person in" Dominican Republic shall be subject to the payment of a fee of 5% of tax on income (ISR) on the value of the gross sales in the local market, which will be paid in the direction of internal taxes (DGII) ".

"

Bermudez said that they are very concerned and noted that the reform project to study it and talk to the authorities to see which solution wanted you to this proposal that the Government has made.

Pointed out that EPZs are working in a very competitive environment in the international market, not just in the countries of the region but the Asian, but that this competitiveness may be lost with the application of tax.

"The issue of a 10% dividends of companies in export processing zones is much worrying because there are other countries that do not have them, and then that can interrupt new investments and expansions of existing companies and that, to the extent that they are eliminating the" "incentives, do that these companies are moving to other countries that do not have such a tax".

( )
LO intended spending more in investments

the Minister of economy, planning and development, Temístocles Montas, said spending on public investment, which would amount to RD$ 138,365 million, this is RD$ 41,114 million more than what was budgeted, which compensates for the low relative investment of the past three years, during which stood at 3.5% of annual average GDPlower than the existing level in the four-year period 2004-2008 4.4% of GDP.

Said that when analyzed in detail increases in these items are generated by increased spending in education, health and public safety.



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