Headlines:
| New tax system on imported cars takes effect |
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| Monday, 12 May 2008 | |
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The revised tax
regime for motor vehicle imports goes into effect Monday. The system was modified last week following meetings with Finance Ministry officials and car dealers. Director of Public Relations at the Tax Administration Services Department Meris Haughton said the system has been simplified so that all vehicles imported will attract GCT. Miss Haughton said a Special Consumption Tax (SCT) will be placed on vehicles based on the engine size. "In respect of cars, a vehicle that is from a 100 CC to 160 CC's will have an additional SCT of 10%, vehicles of 1,601 to 2,000 CC's will be at 25% and the rates will go up from zero to 70%. In respect of trucks which are based on their weighting, these rates range from 10% to 110%." She said persons who import diesel engine vehicles will pay 10% less on the SCT. |