New taxes on certain private motor cars will be applicable from January 1st 2021

New taxes on certain private motor cars will be applicable from January 1st 2021

The Minister of Finance, Colm Imbert, today advised that with respect to the announcement made in the 2021 Budget statement regarding an increase of taxes and import duty on certain private motor cars; new taxes will be applicable from January 1st, 2021.

These motor vehicles include certain smaller engine CNG, electric and hybrid cars.

In a media release the 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.

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Cabinet also confirmed the reduction in the permissible age of imported foreign used cars to three years, will take effect in January 2021.

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