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Santo Domingo.- Dominican Republic’s hoteliers and tourism industry leaders grouped in Asonahores yesterday joined the National Business Council’s (Conep) position to reject the tax reform suggested by the International Monetary Fund (IMF).
Asonahores president Julio Llibre said the tax reform suggested by the IMF would negatively impact formal jobs and foreign currency revenue, and called erroneous the idea to deal with the economy’s fiscal deficit with tax patches, as the global credit entity apparently recommends, "disregarding the serious consequences which this tax policy generates in the nation’s productive apparatus.“
"A tendency to ignore the need to adjust the size of government to fit the nation’s needs is perceived, which demands a great rationality in government spending and create awareness at all levels that squandering and excessive consumption aren’t the paths which lead to the country’s healthy and balanced development," Llibre said.
According to Conep the measures suggested by the IMF only seek to identify new taxes without dealing with rationality in government spending cost, as well as fairness and efficiency in collecting revenue.
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Keep taxes the same.
CANNES, France - Chinese President Hu Jintao said Thursday that his country will provide more help to other developing countries.
He made the pledge at a Group of 20 (G20) summit in this French seaside resort.
China would provide new loans to help developing countries improve infrastructure and would further reduce tariffs for the least developed countries, Hu told world leaders at the summit.
Between 2010 and 2012, China will provide Africa $10 billion in the form of soft loans, the bulk of which will go to infrastructure development, he said.
Between 2011 and 2015, China will build 200 infrastructure projects in clean energy and environmental protection in other developing countries, he announced.
From news report.
S.
Something has to be done. The IMF is only pointing out the obvious. We spend/steal/waste/subsidize way more money than we can afford to based on income. If the income doesn't increase the expenses must go down. Not a difficult concept to understand.
If the government decides to cut back dramatically on the above mentioned expenses, perhaps a small tax increase would be all we need. But if the overpayments, subsidies, theft and waste continue, as they have been alloweed to continue for the past 12 years, then the taxes must go up big time.
Just enjoy your unlimited drinks at the AI's The dominos will al fall into the right spot!