2001News

Luxury item tax

The Department of Customs has authorized a reduction of the Selective Tax on Consumption for vehicle imports. The exemption was raised to US$15,000, up from US$10,000. The decision comes after vehicle imports fell 60% in the first six months of this year compared to last year. The increase in the taxes, plus the start of the GATT valuation system caused a major hike in vehicle prices.