VATupdate

Budget 2023: VAT on new electric vehicles removed; duty on imported cars slashed

In a move to incentivise the transition to lower-emission vehicles in Guyana, the PPP/C Government has removed the Value Added Tax (VAT) on new electric vehicles.

These include the reduction of the duty on the importation of new (less than four years old) motor vehicles below 1500 cc from 45 per cent to now 35 per cent. This will reduce the cost of importing such a vehicle by approximately $200,000.

In addition, the current tax rate on used vehicles below 1500 cc (4 years and older) will now be replaced with a flat rate of taxes of $800,000.

This will reduce the cost of importing such a vehicle by $300,000 on average.

Source: inewsguyana.com

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