Income tax

[bryan1258]

As a foreigner that generates an income from investments in the DR. Does one pay tax in the DR?

[GringoCArlos]

If you are a US Citizen, you would legally have to report your DR investment income to the IRS every year.

If you are asking about reporting or paying taxes to the DR , I don't know. I play better defense than offense, and I never had the desire to invest here.

[bryan1258]

Originally Posted by GringoCArlos

If you are a US Citizen, you would legally have to report your DR investment income to the IRS every year.

If you are asking about reporting or paying taxes to the DR , I don't know. I play better defense than offense, and I never had the desire to invest here.

That sounds boring. Prudent but boring.

[BushBaby]

Originally Posted by bryan1258

As a foreigner that generates an income from investments in the DR. Does one pay tax in the DR?

Laws were passed by Congress & Senate MANY years ago that income from investments is to be taxed. I do not know if it is because no President has signed this law off or whether the law has never been enforced (it would upset too many of the rich,influential people in the DR) but to date interest on investments is NOT taxed by the Dominican Government.

What you notify to your own IRS (or similar) in your home country is up to you obviously but I would advise staying within their law as much as possible. Fortunately, the British Government doesn't require us to pay such taxes ............ YET!!! gre: ~ Grahame.

[bryan1258]

Being that I'm from Mongolia I guess I'm good to go. Thanks

[mike l]

Originally Posted by bryan1258

Being that I'm from Mongolia I guess I'm good to go. Thanks

How do we get one of those large Mongolian BBQ's here?

[bryan1258]

Originally Posted by mike l

How do we get one of those large Mongolian BBQ's here?

JEEZ.......you only need some clay and you can make your own.

[Fabio J. Guzman]

Dominican taxes should be paid on all income generated from Dominican sources.

Interest from banks and other financial institutions, however, is tax-exempt.

[BushBaby]

Originally Posted by Fabio J. Guzman

Dominican taxes should be paid on all income generated from Dominican sources.

Interest from banks and other financial institutions, however, is tax-exempt.

Do I take it from that comment Fabio that income generated abroad is FREE from Dominican Income Tax? Income from savings & pensions etc?

My (soon to come) retirement pension from HMG certainly comes under the heading of 'Bank' or 'Other Financial Institution' ......... they have been taking & holding my money for YEARS! ! ~ Grahame.

[Lambada]

Originally Posted by BushBaby

Do I take it from that comment Fabio that income generated abroad is FREE from Dominican Income Tax? Income from savings & pensions etc?

Pensions and Social Security benefits are exempt. I had always thought that article 269 did mandate tax for things like interest from investments abroad as per bank certificates of deposit/deposit accounts BUT that this is hardly ever enforced (because of the difficulty of locating such accounts & certificates ). But maybe this has been superceded by later legislation/potential future legislation, Dr. Guzman is sure to know.