Dominican Republic News & Travel Information Service

Make DR1 Your Homepage Tell A Friend Advertising Information

Support Center » Knowledgebase » What are the penalties for not declaring during tax time?

	What are the penalties for not declaring during tax time?

Solution In the DR penalties for not declaring during tax time could go as following. Mind you these penalities are subject to change.

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.

Article Details

Article ID:

630

Created On:

29 Apr 2008 01:34 PM

Search

Article Options

Real Estate Listings | Daily News Archive | Message Board Archive