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Will this passed on to consumers???
Wednesday, September 02, 2009
CABINET has approved a provisional reduction in motor vehicle duties in response to appeals from the industry that stocks are piling up on the wharves as car purchases slow.
Prime Minister Bruce Golding made the disclosure yesterday at a luncheon of business leaders and government ministers hosted by Observer chairman Gordon 'Butch' Stewart at the newspaper's headquarters in Kingston.
Golding was responding to recent concerns raised by private sector leaders at a previous luncheon regarding Government's high interest rate policy and burdensome taxes that curtailed business activity.
"Motor vehicles are not selling. They have these vehicles sitting on the wharf, when the vehicles don't move we don't collect any duty," Golding remarked yesterday.
He told the businessmen that an arrangement was made for the reduction of duties on vehicles that were already on the wharf but added that the overall duty structure on motor vehicles would be examined for a reduction.
He cautioned, however, that a drop in duties would mean shaving duty waivers and incentives in many instances.
Wednesday, September 02, 2009
CABINET has approved a provisional reduction in motor vehicle duties in response to appeals from the industry that stocks are piling up on the wharves as car purchases slow.
Prime Minister Bruce Golding made the disclosure yesterday at a luncheon of business leaders and government ministers hosted by Observer chairman Gordon 'Butch' Stewart at the newspaper's headquarters in Kingston.
Golding was responding to recent concerns raised by private sector leaders at a previous luncheon regarding Government's high interest rate policy and burdensome taxes that curtailed business activity.
"Motor vehicles are not selling. They have these vehicles sitting on the wharf, when the vehicles don't move we don't collect any duty," Golding remarked yesterday.
He told the businessmen that an arrangement was made for the reduction of duties on vehicles that were already on the wharf but added that the overall duty structure on motor vehicles would be examined for a reduction.
He cautioned, however, that a drop in duties would mean shaving duty waivers and incentives in many instances.