Apparently wholesale supplies for retailers will be taxed 7% starting around December 2013. This in addition to the current tax on consumers of 7%. This will drive up retail prices unless the retailers eat the new tax. For example if a restaurant buys $1,000 of steak the cost will now be $1,070. This also be a burden on small and new businesses where every cent counts; the economy is already very tough. By the way have you noticed a jump in gas prices lately? In the middle of June they were 85.7 for regular, now they are 97.7. Apparently the government has increased the gas tax. Have you noticed the price of food jump lately? This probably is a consequence of the new and improved increase and anticipated increases in taxes and expenses. This all seems to be very bad news for the cost of living and the quality of life in PR, except for the rich and large corporation who have been recently offered excellent tax breaks.
Any thoughts or additional info on this?