The Dominican Republic’s Directorate General of Internal Revenue (DGII) has issued guidance on the application of the asset tax. The guidance covers the taxable assets and exclusions, exemptions for certain taxpayers, the asset tax rate, and the tax amount determination and when it should be paid.
The tax is levied at a rate of 1% on the value of assets appearing in the balance sheet, not adjusted by inflation, and after applying depreciation, amortization, and reserves for uncollectable a…