Internal Revenue Collects $4.6 Billion between January and February Reaching 108.3% of Goal for Quarter

Internal Revenue Collects $4.6 Billion between January and February Reaching 108.3% of Goal for Quarter
Santo Domingo, Dominican Republic 03/08/2013

The highlights of the recent tax collection for January and February have shown an increase on tax revenue of 123.8 % on property taxes, 51.9% on company revenues  and 26.1% on  ITBIS.

Taxes collected by the DGII in the month of Jan 2013 totaled RD$ 23,937.3 million.

The total collection of the Dominican Internal Revenue Service for the month of January 2013 totaled RD$ 23,937.3 million.

The DGII (Dominican Internal Revenue Service) announced that the total tax collection pertaining to the months of January and February 2013 totaled RD$ 46,674.8 million, a figure that reached the 108.3% estimated goal with a relative variation of 21.6% to last year.

In February, the Internal Revenue Service collected a total of RD$ 22,736.00 million; an overage of RD$ 3,607.2 million over the estimated goal for the month, which amounts to 32.3% of relative growth compared to the same period in 2012. This positive balance for the second month of the year persisted even after deducting the resources brought about by the agreement reached by the government with commercial banks, which implied an advance of second term financial assets in the value of RD$ 2,500 million.

Annual growth is rated at 17.8%, a figure exceeding the revenue goal by RD$ 1,107.2 million which fulfills the 105.8% expectation.

Taxes collected by the DGII in the month of Jan 2013 totaled RD$ 23,937.3 million. This figure represented an annual growth of 12.9% with a total increase of RD$ 2,732.5 million over last year´s January 2012. In terms of the estimated goal for the national budget, this figure represented 99.9% of the estimate, with a difference of RD$ 25.5 million.

Some tax categories have still not generated the revenues anticipated by the estimates that the last tax reform had projected, since they still have to comply with the maturity terms that will allow for adjustments.

Internal taxes also reported the impact of Law 253-12, which is in effect since last December and has contributed RD$ 90.8 million. Because of this tax reform, the DGII collected RD$ 578.5 million this January, whereas in February the collection amounted to RD$ 929.4.

Regarding the Tax Amnesty, on February 26th the DGII reported figures indicating that collection had reached RD$ 1,207.2 million. Of this amount, RD$ 751.1 million corresponds to debt payments and RD$ 8.8 million to adjustment of assets.

The recent internal revenue collection for the past months of January and February has rendered an increase on tax revenue of 123.8 % on property taxes, a difference of RD$ 3,179.1 from last year´s collection for the same time period. Following is the tax on company revenues with a relative increase of 51.9%, which brought in an additional.

Some tax categories have still not generated the revenues anticipated by the estimates that the last tax reform had projected, since they still have to comply with the maturity terms that will allow for adjustments. To these categories belong alcoholic beverages, beer and tobacco which presented negative returns in the period that is being analyzed compared to that of last year. These initial low revenues were expected by Internal revenue officials.

Generally speaking, collected revenues in the first two months of the year grew 21.6% compared to the same time period of last year, which signify an additional contribution of RD$ 8,289.1 million and include advance payments from commercial banksin compliance with the Financial Assets Tax.

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