Finance Minister Davendranath Tancoo is seeking to reassure motorists and vehicle dealers that the importation of mild hybrid vehicles will not attract any additional costs under existing arrangements, dismissing claims that Government has imposed new taxes on vehicle imports.
Speaking to reporters during the opening of Pennywise Plaza Trincity on Friday, Minister Tancoo moved to address concerns over possible increases in vehicle import costs, stressing that no additional charges will apply to vehicles already purchased, currently in transit, or awaiting clearance at local ports.
He stressed that the issue is rooted in international compliance requirements and not domestic tax increases.
“International factors would have required us as signatories to the agencies would have required us to abide by the recommendations of the international group. At this point, the persons who are importing the very same vehicles that were imported before face no change in the cost to them. So if you have vehicles on the sea, if you have imported vehicles, if you have vehicles at the port, etc. you have no cost, no new cost attached to that.”
The Minister also sought to dispel what he described as misinformation circulating in the public domain, regarding vehicle taxes
He said there has been a false perception that Government increased taxes on vehicle imports.
“I just want to highlight one thing. There was a misconception somewhere in the media or in social media, wherever it came from, that there was an increase in some tax. I mean, I know they like to call me Tax-coo, but there was a perception that there was an increase in some tax on vehicles. That is not true. And I think that the release has cleared that up.”