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Stores set new prices and promotions after the VAT hike
Posted On 02 Jun 2016
On the first day of VAT increase from 12% to 14%, stores began the day changing price tags, displaying goods without costs or announcing that they assume the additional two tax points.
In the 9 de Octubre avenue, several appliance stores dawned without the traditional offers that until last Tuesday stood out. Hugo Falcones, spokesman for the Creditos Economicos store, said they will still be replacing the price labels during the weekend.
“The law states that consumers must know the final price and when we have the new printed labels we will announce new promotions,” he said.
While Ezequiel Andrade, manager of the NoviCompu store, said that the store will assume the 2%. “Our products would charge an average of 30 or 40 dollars more with this tax, and to be more competitive, we will keep the same prices and offers.”
In beauty products stores, vendors yesterday finished changing the labels. A manager said they worked until Tuesday night to move ahead with the price changes.
