Tax concessions on Hybrid vehicles being imported into Trinidad and Tobago, remain as is.
On Monday, Power 102FM Digital unintentionally gave online readers the impression that new taxes were being imposed. We stand corrected and are at this time, issuing a headline correction and clarity to the story.
In media statement issued on the matter today, the FinanceMinistry said the tax-free concession on hybrid cars with engine sizes not exceeding 1599 cc, has NOT been adjusted or changed in any way, nor is it the intention of the Government to change this concession.
It explained that the concession was implemented by way of the Finance Act No. 15 of 2017, assented to on December 19, 2017.
The Finance Ministry said since December 2017, all new hybrid vehicles or used hybrid vehicles, which are imported for private or commercial use, with an engine size not exceeding 1599 cc have been exempt from Customs Duty, Motor Vehicle Tax and Value Added Tax.
The release says that on Friday May 17th, at a news conference Minister Imbert specifically stated that there would be NO CHANGES to the existing regime of taxes on hybrid vehicles.