Despite the fact that the law dates back to the beginning of the year, it was not until last July that the process to follow to benefit from its provisions was defined, through the promulgation of rule 04-20 by the General Directorate of Taxes Internal (DGII).

Recently, the media shared a very interesting question and answer session that we detail below:

Why was this law approved urgently by the Chamber of Deputies?

The law had already been discussed for more than a year and a half in Congress, and it was agreed with different sectors of the national economy who were awaiting its enactment.

Who benefits from the Law of Transparency and Asset Revaluation?

To all taxpayers natural persons, legal entities and undivided estates who wish to regularize their tax debts, make transparent or revalue assets or rights (chapter I, art. 2).

It would allow those small merchants to formalize their commercial activity and avoid sanctions by the different obliged subjects when acquiring goods and services (dealers, banks, real estate, among others) and in addition, a bankarization of resources that are currently found in the informal sector or abroad, which would contribute to economic and exchange rate stability.

What sectors were demanding the enactment of the law?

All those who promote legal certainty and those who fear that the drasticity of the laundering law will affect those who have incurred in tax non-compliance due to lack of knowledge, so that only those who do so deliberately are objects of sanction.

How many times has the DGII applied an amnesty like this?

First, clarify that this is not one of the amnesty law, since it does not prevent audits by the tax administration, and it does not prevent a person, even having availed themselves of the facilities herein, from being subjected for the violation of other laws ( money laundering, public function, others).

For more information, at QA Legal we can help and guide you in each part of the process. Contact us in the way of your preference and we will gladly assist you.

El cargo Law No. 46-20: Law of Transparency and Equity Revaluation apareció primero en Quiroz Advisors.

At QALegal we have a team specialized in legal advice to foreign capital investors in the Dominican Republic, including our managing partner, José A. Quiroz, who has more than 15 years of experience in the area.

From markets and very complex commercial areas, the energy sector, finance and insurance, to agricultural and tourism projects, our team of lawyers has for years provided the best legal support to foreigners who have chosen the Dominican Republic as their investment destination.

El cargo Foreign Investment in the Dominican Republic apareció primero en Quiroz Advisors.

The advantages of choosing arbitration are:

• Matters will be handled under strict confidentiality rules.
• The conflict will be settled by third-party experts and knowledgeable about the subject of the dispute.
• Stakeholders are those who propose to the panel of experts who handle the situation.
• The costs are predictable.
• The conflict resolution time is less than that of the judicial instances.

All commercial matters or not, derived from a contract in which the parties have voluntarily agreed to resolve their disputes through arbitration

It is recommended that the decision to submit your affairs to arbitration be agreed between the contracting parties, at the time of signing a contract or after the conflict arises, through a commitment document.

The model arbitration clause suggested by the Center for Alternative Dispute Resolution is as follows:

“Any litigation, controversy or claim resulting from this contract or related to it, its breach, its interpretation, its resolution or nullity will be submitted to Arbitration. These disputes will be resolved in accordance with the provisions established in the Arbitration Regulations of the Center for Alternative Dispute Resolution of the Santo Domingo Chamber of Commerce and Production. “

The parties may, however, agree on specific aspects of the arbitration, as long as said agreements do not contradict what is established in the Center’s Regulations.

El cargo Arbitration method and why choose it apareció primero en Quiroz Advisors.

It is a consultative process through which the advisor collects information on the client’s wishes and adapts a tailored strategy using appropriate financial and legal products and services, which allow the maximum potential of the investment to be obtained for the benefit of the client’s assets.

Wealth management is more than just investment advice, as it can cover all parts of a person’s financial life. The idea is that instead of trying to integrate advice and various products from a number of professionals, high net worth individuals benefit from a holistic approach in which a single manager coordinates all the services necessary to manage their money and plan on their own. themselves or the current and future needs of their family.

While the use of a wealth manager is based on the theory that he or she can provide services in any aspect of the financial field, some choose to specialize in particular areas. This may be based on the experience of the wealth manager in question or the primary focus of the business in which the wealth manager operates.

Wealth management practices differ by nation, so it is important to get proper advice from local experts. If you are interested in knowing more about this aspect, do not hesitate to contact us.

El cargo Wealth Management in the Dominican Republic apareció primero en Quiroz Advisors.