Tax and accounting obligations in the early years

Starting a company involves complying with a set of tax and accounting obligations from day one. Understanding them helps prevent errors, penalties, and future legal issues.

Main obligations for new companies • Formal registration: registration with the DGII, Chamber of Commerce, and other entities depending on the type of company.

• Tax filings: ISR, ITBIS, and labor withholdings according to the tax calendar.

• Invoicing: adoption of electronic invoicing in accordance with Law 32-23.

• Accounting books: keeping records of income, expenses, and financial movements.

Benefits of complying from the start • Access to tax incentives and exemptions.

• Greater ease in obtaining financing or investors.

• Transparency and control from the foundation of the business.

• Preparation for future audits and reviews.

• Keeping accounting up to date is a strategic investment that protects the company and reinforces sustainable growth.

Benefits of complying from the start

1. Consult with tax advisors before starting operations.

2. Implement accounting systems from day one.

3. Train staff in accounting and tax processes.

4. Periodically review current legislation to stay up to date.

Complying with these obligations from the outset strengthens the company’s financial structure and establishes solid foundations for future growth.

Fuentes:

• DGII República Dominicana – Normativa contable vigente
• PwC Dominicana – Mejores prácticas contables