Dominican President Luis Abinader announced the withdrawal of the draft Law on Fiscal Modernization from the legislative agenda of the National Congress because of insufficient consensus among various social groups and the government on Monday, 21 October 2024.
Dollar notes accelerated emerging market losses on Monday, with those maturing in 2060 losing up to 2.6 cents on the dollar, trading below 90 cents, reports Bloomberg. The reform aimed to raise revenue by 1.5% of GDP by increasing taxes on income, businesses, and property while reducing incentives for the film and tourism industries.
The president aims to revise the plans to present more acceptable economic alternatives.
Earlier, the Dominican Republic introduced the draft law aimed at modernising its tax system and increasing revenue on 8 October 2024.
