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Auto imports, sales tumble more than 36% in 6 years

Santo Domingo.- Imports and sales of new and used autos have tumbled more than 36% during the last six years, Dominican Republic’s authorized dealers grouped in Acofave revealed Monday, blaming it on higher taxes.

Acofave president Enrique Fernández said each imported vehicle pays 63% tax of the CIF value when the import is normal and 51% under the free trade agreement. He said the sales tax is as high as 33%.

He urged the government to work together with importers to counter the fall with policies to increase imports which in his view lead to higher revenue.

As an example Fernández cited the Central Bank’s “positive impact” of easing the banks’ required reserve, to lower loans rates.

In a press conference accompanied by Acofave members, Fernández said 56,173 new and used autos were imported in 2013, compared with 87,975 in 2007, or a fall of more than 36%.

Fernandez said of the 34,396 used vehicles imported in 2013, 9,209, or 26.77% are SUVs, 20,971 are cars (60.96%) and 1,006 are pickup trucks, or 2.92%.

Source: DT

Category: DR News |

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Last updated March 25, 2017 at 5:40 PM
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