Viewing car ownership as a necessity, Finance Minister Dr. Ashni Singh said that the government will lower import duties on motor vehicles.
According to Dr. Singh, who read the 2023 National Budget on Monday, the duty of new motor vehicles below 1500cc will be reduced from 45 per cent to 35 per cent.
This is expected to reduce the cost of importing vehicles by about $200,000.
Meanwhile, for used imported vehicles below 1500cc, the govenrment will replace the current tax rate with a flat rate of taxes of $800,000. This is expected to reduce the cost of importing such vehicles by $300,000.
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