Greater purchasing power and a growing middle class have led to an increase in the purchase of goods in the premium brand range to the detriment of basic commodities.
Liqueurs and alcoholic beverages is one of the sectors which best exemplifies the boom in goods and services which are considered luxury items in the country, to the detriment of traditional goods or commodities.
In 2013 there was a reduction in the collection of the selective consumption tax on "luxury" or non essential goods such as vehicles and alcoholic drinks.
For the first time since the 2008-2009 period the collection of the tax levied on imported goods such as vehicles, liquor and cigarettes fell by 11% compared to 2012, primarily in the area of vehicles.
Imports of luxury watches grew by 84% in the first two months of 2012 compared to the same period last year.
Reports from the Tax Authority (SAT) show that so far this year, the CIF value of wrist and pocket watches, and similar products coming into the country reached the sum of $866,000, a higher figurer than the $469,000 in the first two months of 2011.
The government’s Strategic Plan 2010-2014 aims to turn the country into a “world-class center for value-added logistic services, luxury tourism and high value agriculture”.
These are very ambitious goals, especially when analyzing the country’s current situation, with 33% of its inhabitants living below the poverty line and serious deficiencies in infrastructure.
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