Thursday 26 November, 2020

New taxes on private CNG/hybrid vehicles put off until 2021

Citizens wanting to purchase small engine vehicles using compressed natural gas, electric or hybrid vehicles, now have until the end of the year to enjoy the existing tax concessions. 

In the 2020/2021 Budget Presentation, Finance Minister Colm Imbert announced that concessions on all private vehicles would be removed starting October 20, but in a press release issued today, the time was extended to December 31. 

The Ministry says the tax raise will take effect on January 1. This means that anyone whose imported vehicle arrives and is cleared before the new year will enjoy the pre-budget tax exemptions. 

This will also apply to the age of imported vehicles enjoying this concession being three years old. 

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