Dominican Government sent to Congress the addendum of 2021 Public Budget Bill and maintains the fiscal deficit target

DOMINICAN REPUBLIC - In Brief 19 Nov 2020 by Magdalena Lizardo

At the beginning of the week, the Dominican government sent to the National Congress the addendum to the Public Sector Budget Bill for 2021, in which it formally withdraws the proposal to increase transitory taxes to be applied during 2021. Instead, the DOP25 .9 b that the Government was planning to be collected with the new taxes, will be collected by tax payment advances from the financial sector and the Barrick Gold mining company. The deficit goal for 2021 remains the same at 3% of GDP, as was proposed in the original budget Bill sent to the National Congress in early October. The large aggregates of income and expenses remained without significant alteration, although there were changes in different items of income and expenses. An additional element was the inclusion in the 2021 Public Budget Bill Addendum of the request for authorization of indebtedness for the National Export Bank (BANDEX), amounting to USD130 m to finance exports, to be contracted with the IADB, CABEI and US Eximbank . The Government recently launched the National Plan for the Promotion of Exports.Chart_Addendum.docx

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