American Chamber of Commerce says passage of Customs Law will improve investment climate

The American Chamber of Commerce of the Dominican Republic (Amchamdr) applauded the approval by the National Congress of the draft Customs Law, understanding that the legislation will improve the climate for national and foreign investment in the country.

According to the press release, Amchamdr, which for more than 10 years collaborated with different sectors for the approval of this piece of legislation, understands that the implementation of the Customs Law will establish the right conditions to position the Dominican Republic as a regional logistics hub and Nearshore destination integrated to the North American supply chain.

The entity, leader in the promotion of trade and investment with the United States, believes that once this piece of legislation is enacted, the Dominican Republic will have the opportunity to attract greater foreign direct investment.

The Chamber of Deputies approved the Customs Bill on second reading, with 114 votes in favor and two against. The bill will be sent to the Executive Power for its promulgation. It is recalled that last July the Senate of the Republic had approved the piece of legislation, authored by Senator Alexis Victoria, representative of the Modern Revolutionary Party (PRM) for the province of María Trinidad Sánchez.

The bill seeks to modernize the customs regime in the country, in order to facilitate and expedite foreign trade operations, as well as to control and supervise the passage of goods through the customs territory and to collect the taxes established by law.

In addition, the law intends to prosecute unlawful conducts that threaten the management and control of customs and foreign trade, as well as to develop and administer the execution of the precepts of the legislation and international treaties.

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