Santo Domingo.- Jochi Vicente, the Minister of Finance, confirmed that the Fiscal Modernization Law will not harm the Dominican Republic’s tourism industry. He made this statement at the National Congress. He boasted about the success and competitiveness of the country’s tourism sector. The tourism sector outshines regional competitors like Mexico and Jamaica. Vicente dismissed any fear of a tourism industry collapse.
The Hotel and Tourism Association (ASONAHORES), voiced concerns about the new tax laws. They suggest that these changes might negatively impact the sector’s economy. They worry that removing tax benefits will discourage foreign investments and new hotel projects. ASONAHORES’s president, David Llibre, proposed a law review. He suggested adjustments that encourage investments while improving state tax collection.
Llibre warned about the loss of a competitive edge if the law isn’t adjusted. He fears this may force hotel chains to relocate to other countries. He advocated for a balanced approach that allows tourism growth without compromising its status as a top destination.