B]Fines are up to RD$19,500 per trimester, 10% Late charge for the first month and 4% for each additonal month and also an interest of 1.73% per month.
Example:
If you have not paid the itbis for february, let's says you had to paid RD$10,000., the penalties and charges will be:
Penalties/fine of RD$19,500
Late Charges: 10% for march, 4% for april and 4% for may (till 5/20) = 18%
Interests: 1.73% per month = 5.19%
grand total:
10,000. Itbis
1,800. Charges for late presentation (18%)
573. Delay Interest (5.73%)
19,500. Fine
31,873. Total Tax and penalties
Deductions for the itbis is basicly the itbis charge to your company in the diferent services/acquisitions/expenses you receive/have.
For this to be valid all of the invoices/bills received must have the NCF (Factura Con valor/Credito Fiscal) and they have to be addresed to your company, including your RNC and the supplier's. RNC stands for Registro Nacional de Contribuyentes = Tax identification Number.
QUOTE=laurajane;630501]We are a small business and due to the bad advice recieved and naivity on my part, we are behind with our Itibis payments, i need to try and calculate how much my itibis bill will be for year 2007/2008 which has to be paid this friday (i believe)!!! Someone wants to charge me rd$40,000 plus itibis to work it out, but if they are not going to save me more than that, can i do it myself?
For every month late with itbis, what penalties are incurred?
How are deductions calculated?
Am so confused, i cant believe we have left it so late. stupidity i guess!
any advice from an accountant or someone that runs their own business could really help me !!![/quote]
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