Parliament has approved the Excise Tax Amendment for 2025.
The measure formally reduces the excise tax on motor vehicles that are ten years old or less, from 28 percent down to 25 percent.
Finance Minister Dr. Irving McIntyre says the tax cut is part of a broader effort to discourage the importation of older vehicles.
He says government wants to encourage residents to bring in newer, more efficient vehicles and to consider purchasing used vehicles already available on the local market.
Finance Minister Dr. Irving McIntyre.
Both sides of the House approved the resolution tabled on Tuesday.
