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Thursday, February 28, 2013

Reduction in duty only for fully imported cars



International Trade and Industry Minister Mustapa Mohamed announced yesterday that car import duty would be reduced but it won't bring much cheer to the man in the street.

This is because the import duty only applies to fully imported cars, which are generally luxury cars.

More affordable foreign cars are assembled locally, and only required to pay excise duty.

However Pakatan has announced it would abolish excise duty should it come into power to reduce car prices.

When asked if the government has a similar plan to reduce excise duty, Mustapa skirted the question before saying the plan is under study.

He was speaking in a media briefing on the reduction of import duty.
[More to follow]

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