The impact of the latest tax reform has had a dramatic effect on the sale of motor vehicles, according to statistics from dealers and concessionaires. El Caribe reports a 27% drop in sales, which some say was caused by the tax reform pushing people who were considering a new vehicle to rush out and buy them last year before the tax increase came into effect, creating a distortion in the market. The dealers association Acofave says that due to the tax reform the tax charges increased with the creation of a 3% tax on CO2 emissions and the 2% increase in the ITBIS. As a result, only 17,000 of the 23,000 vehicles that were projected to sell this year will be sold.<\/p>\n","protected":false},"excerpt":{"rendered":"
The impact of the latest tax reform has had a dramatic effect on the sale of motor vehicles, according to statistics from dealers and concessionaires. El Caribe reports a 27% drop in sales, which some say was caused by the tax reform pushing people who were considering a new vehicle to rush out and buy … <\/p>\n