Major tax reductions for importation of trucks, pickups

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Finance Minister Dr Ashni Singh today announced significant reductions in the excise taxes for several categories of trucks and pickups.

Regarding the importation of new motor trucks of any tonnage for transport of goods (vehicles less than four years old), the government will remove the 10 percent excise tax as well as the 14 percent VAT that currently apply.

In relation to importation of new haulers for pulling containers or similar vehicles for pulling, the government will also remove the VAT of 14 percent that currently applies.

“In relation to importation of new double cab pickups below 2000cc, we will remove the currently applicable 10 percent excise tax altogether, while for new double cab pickups between 2000cc and 3000cc, we will reduce the excise tax from 110 percent to 75 percent,” he explained.

In relation to importation of new single cab pickups below 3000cc, the government will remove the currently applicable 10 percent excise tax altogether.

This measure is expected to benefit Guyanese businesses.

Dr Singh said: “In this era of mass movement of goods and intensive logistics operations which are all critical to the oil and gas sector as well as the ongoing construction boom, the transportation fleet has become an essential part of business capital stock. In this regard, we would like to enable Guyanese businesses to be able to renew and expand their transport fleets and, additionally, to do so by acquiring, newer, safer, and more efficient vehicles.”