Chamber of Deputies, the lower house of Dominican Republic bicameral National Congress, has passed a law on April 18, which declares high priority on confection, accessories, skins, footwear and leather manufacturing companies and an exemption from value added tax (VAT) for the supplies and raw materials that comply with the textile sectors.
The law exempts taxes on the Transfer of Industrialized Goods and Services (ITBIS) from textile area free zones, which levied eight percent tax earlier and also from other taxes of the Tributary Code.
This step, a source of direct and indirect of jobs, was taken to raise competitiveness among these companies.
The law is expected to bring substantial changes in international trade arena through agreements signed with the World Trade Organization and Free Trade Agreement with Central America and United States.
The Senate has already passed this legislation and now it requires the approval of President Leonel Fernandez to become a law.
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