Excise Tax on 5 tonne trucks and above will be reduced to 30 percent. This comes from the Prime Minister Hon. Dr. Ralph Gonsalves, who made the announcement while speaking on radio this week.
“An important bill for truckers, well really an order which had to get a resolution to address where we reduced the excise tax on the big trucks.”
The Prime Minister made mention of a prior reduction to the excise tax where it was reduced by 5% to 55% from 60% when he admitted that the reduction had not made much of an impact.
Prime Minister Gonsalves cited the many future construction projects that are set to take place as the main reason behind the decision to have the tax reduced to 30%, stating “you don’t want to be short of trucks”.
“You don’t want to be short of trucks, big trucks, so we brought it down to 30% which is a huge drop, so two years ago it was 60% but now it’s 30% and that will help people who are buying trucks.”