Dominican Republic Loses Billions Due to Business Informality

The Dominican Republic faces a significant economic challenge: the high level of informality in its businesses. According to Vice Minister of Industry, Commerce, and MSMEs, Jorge Morales, this informality costs the government more than 30 billion pesos annually. "The high degree of informality in businesses in the country undermines the foundation of tax collection and formal operations," Morales stated in an interview featured in a recent video report. This loss of revenue directly impacts the government's ability to fund essential social programs. The video also features interviews with other officials from Pro Consumidor and the National Commerce Council, who are working to reduce informality and encourage businesses to formalize their operations. Their efforts focus on creating a supportive legal framework and improving conditions for businesses to transition into the formal sector. The success of these initiatives will be crucial for the Dominican Republic's economic growth and stability.