DR1 - Laura Castellanos and Angelina Reveiro met with the Chamber of Deputies labor commission yesterday, Monday 11 June to explain that high taxation is one of the reasons why more than half the businesses in the Dominican Republic operate in the informal sector. The young businesswomen met with the deputies who are reviewing the bill aimed at creating the Entrepreneurship and Business Innovation law, presented by deputy David Collado (National District PRD). The businesswomen said that the bill includes incentives for entrepreneurs, like the elimination of the pre-payments that create cash flow problems for businesses, and a special income tax exemption on the first three years of operation so that the company can have flexibility in its first years. The law would not be retroactive, and would only apply to new companies. Reveiro said that unfortunately any company in the DR could collapse in its first five years due to high taxation.
Also under study in the Chamber of Deputies is the bill for the first job for young people. Maria de Lourdes Cabrera, coordinator of jobs for the Ministry of Labor, said that 30% of young people are looking for jobs and cannot find them. The bill seeks to encourage companies to hire young people. Read original at DR1.
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