President of the Automotive Dealers Association, Visham Babwah, says he is not surprised that the Finance Minister pushed back the date regarding an increase of taxes and import duty on certain private motor cars.
In a release yesterday, Minister of Finance, Colm Imbert, says cabinet agreed at its meeting last week, with respect to the announcement made in the 2021 Budget Statement, that the new taxes will be applicable from January 1st, 2021.
Minister Imbert said all private motor cars that are imported and cleared through Customs on or before December 31st will therefore be taxed or be subject to import duty at existing rates and enjoy the existing tax and import duty exemptions.
Babwah told Power 102’s News Power Now that the deal was set to expire at the end of the year anyway.
Babwah explained that this benefits the automotive dealers as the COVID pandemic has hindered the importation of vehicles.