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The Minister of Economy and Finance, Jose Arista, expressed his concern about congressional initiatives that seek to implement new tax exemptions.
During his presentation before the Republican Congressional Committee on Science, Innovation and Technology, Arista highlighted the importance of balancing tax credits with the need for resources for key areas such as research.
“I look with concern at many of the regulations that have been debated in Congress, some approved at the commission level, that create tax breaks, tax havens that I honestly don’t believe are fair.”said the minister.
Arista asserted that giving more tax breaks without considering the impact on state funding is a contradiction in terms.
“If more exemptions are given, we cannot ask for more funding because it has to come from somewhere to fund the huge needs we have. The country needs a lot of research and we need to promote things that benefit the people.he added.
The minister emphasized that additional demand for funding for next year has been identified, but he questioned how this demand could be met if regulations that increase spending and reduce state income continue to be approved.
“I heard the additional request for next year, but how is that funded when there are restrictions that create more costs and at the same time restrictions that give us less revenue. So, you can’t reconcile the two things.”He pointed out.
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