Bravo will absorb ITBIS increase in January

The Bravo supermarket chain with branches in Santo Domingo and Santiago has announced it would absorb the three-point increase in the ITBIS tax from 8 to 11% that goes into effect on 1 January 2014 as part of the taxation on food products included in the November 2012 tax reform. The increase affects 900 products. The supermarket says it will not be increasing prices on oil, sugar, butter, chocolate, coffee, yoghurt and many others in January for savings of more than RD$6 million for consumers. Readers may recall that Bravo made a similar move last year, prompting other major retailers to follow suit.