By Sue-Ann Wayow
ALL taxes on hybrid cars have been officially waived.
The waiver on customs duty, motor vehicle tax and Value Added Tax takes effect from today (Wednesday).
The Ministry of Finance in a press release on Tuesday stated that the waiver will be available for cars for private use with an engine size not exceeding 1,599 cc and an electric motor power output not exceeding 105 KW.
The tax exemptions were also published in the Gazette on Tuesday.
The ministry stated, “The age of used passenger hybrid cars meeting these specifications has been fixed at no more than three years. These specifications will allow the vast majority of small hybrid passenger cars for private use to be imported into Trinidad and Tobago free of all taxes.”
On Twitter last month Finance Minister Imbert tweeted, “Supply chain disruptions caused by the Covid-19 pandemic have intensified with the war Ukraine, adversely affecting the supply of fully electric cars. As a result, to encourage reduced fuel consumption, small hybrid cars will be exempted from all taxes in T&T from mid-May 2022.”
That news had followed his announcement in Parliament that fuel prices would have been increased effective April 19.
