NEW REGIME IN SVG FOR IMPORTED VEHICLES
Individuals who provide evidence demonstrating that they ordered their vehicles for importation by November 15, 2022 will be evaluated under the former Customs taxes regime.
The statement was made on Monday by Finance Minister Camillo Gonsalves during his presentation of the budget.
“Cars ordered from Asia take a while to arrive in St. Vincent and the Grenadines. When we changed the tax and tariff structure, many consumers’ 12-year-old vehicles were already on their way to Port Kingston. Under the altered approach, those older automobiles would suffer. Therefore, vehicles with proof of purchase before November 15 will be assessed under the previous system. However, the Customs Department will use all of the legal resources at its disposal to deal with any attempts to fabricate paperwork in order to arbitrarily choose different regulations for various types of automobiles”, Gonsalves stated.
In delivering his Budget address on Monday, Minister of Finance Hon. Camillo Gonsalves said while the old regime considered only two factors, age of vehicle and engine size; this new regime which came into effect on January 1, considers four factors- a base surcharge of one (1) thousand dollars, the age of the vehicle, the engine size factor and the CIF factor.
The finance minister also advised that the rates implemented are among the lowest in Caricom. Parliament passed the Bill to amend the Customs Duties in November 2022.
