Concessionaires of vehicle manufacturers announced that as from next year new automobiles will be taxed with an additional 17% as determined in the recently passed and signed tax reform law. Meanwhile, Customs Director Miguel Cocco believes that if prices are increased, sales will not remain at the same level because demand for new automobiles is “elastic”. The information was offered after a Christmas luncheon attended by the concessionaires, Cocco and journalists at Restaurant Positano.