The DGII also adjusted the value of the exempt amount for properties intended for housing and undeveloped urban lots belonging to individuals.
SANTO DOMINGO– The General Directorate of Internal Taxes (DGII) issued a resolution yesterday, Thursday, January 11, 2024, increasing, due to inflation adjustments, the amounts qualifying for low-cost housing and real estate assets
In its first resolution of the year, number DDG-AR1-2024-00001, the tax collection agency explains that the measure is in compliance with Law No. 189-11 on the Development of the Mortgage Market and the Trust in the Dominican Republic, dated July 16, 2011.
In that regard, it notes that it informs taxpayers that the maximum sale price of homes developed by low-cost housing trusts, so that buyers can qualify for the bonus, and the value exempt from transfer tax, including homes in the Ciudad Juan Bosch project, acquired with mortgage loans, which will be in effect for this year 2024, is 5,025,380.75.
The last adjustment applied to low-cost housing was made in January of last year, through which it increased to 4,852,211.2 pesos, also assumed by the DGII, with the same argument of inflation.
The resolution explains that it is an “inflation adjustment of the maximum value for the qualification of Low Cost Housing and of the value exempt from the transfer tax for homes of the Juan Bosch City Project acquired with mortgage loans.
As legal support, the DGII cites Article 129 of Law No. 189-11, dated July 16, 2011, amended by Law No. 338-21, dated November 4, 2021; and Article 1 of Decree No. 268-15, promulgated on September 18, 2015.
Real estate assets
In its eleventh section, the DGII resolution refers to the inflation adjustment of the exempt amount of properties intended for housing and undeveloped urban lots belonging to individuals.
“In compliance with the provisions of Article 14, paragraph I of Law 253-12 on Strengthening the State's Revenue Collection Capacity for Fiscal Sustainability and Sustainable Development, dated November 13, 2012, taxpayers are hereby informed that the exempt amount for real estate assets belonging to individuals that will govern for the year 2024 is as follows: Adjusted amount RD$ 9,860,649.00.”
The previous amount was 9,520,861.00 pesos, representing an increase of 3.56%.
