Finance Minister Dr Ashni Singh has announced that the government will remove VAT on new vehicles under 1500cc. He said this will apply to vehicles less than four years old.
Meanwhile, he said the government will also remove VAT on hybrid vehicles below 2000cc.
As was already announced by President Dr Irfaan Ali, Dr Singh also disclosed that this year, the government will introduce a flat tax of $2 million on double-cab pick-ups less than 2,000cc, irrespective of age; and $3 million on double-cab pick-ups between 2,000cc and 2,500cc irrespective of age.
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