The government has announced the incentive structure to promote importation of vehicles powered by non-fossil fuel, as announced in the 2018 budget.
The new formula for import taxes on vehicles, will be levied based on the engine capacity instead of the ad valorem rate rationalising the tax base on vehicles.
In addition, the Loan To Value (LTV) ratio for motor cars which is 50:50 at present will be further relaxed for hybrid vehicles.
The LTV ratio will be revised and finance facilities could be provided by banks, up to:
– 50% of the value for petrol and diesel motor cars
– 70% of the value for hybrid cars
– 90% of the value for electric cars
