The Secretary of the Presidency Sergio Grullón told the National Council of Business (CONEP) that the government will reduce import tariffs as per dispositions contained in the Tariff Reform Law as soon as the law is published in the press. Businessmen have complained that while the government has been prompt to apply ITBIS tax increase from 8 to 12% and the selective tax on luxury items increases, it has not acted on the reduction of import duties contained in the law that was approved at the same time as the tributary reform law. Reportedly, the tariff reductions will be effective six months after the law is in effect.
