The Customs Department has made a counteroffer to vehicle importers. Vehicle importers asked the government to increase the tax exemption on vehicles from the present US$10,000 to US$20,000. Customs is offering to increase the exemption to only US$15,000. This would mean vehicles from US$15,001-US$30,000 would pay a Selection Consumer Tax (ISC) of 15%, those from US$30,000-US$40,000 would pay 30% and those from US$40,001-US$50,000 a 45%. Vehicles worth US$50,001-US$60,000 would pay 60% and from there on the ISC tax would be 80%. The present rate being applied is as follows in US$: 0-10,000 0%10,001-12,000 15%12,001-14,000 30%14,001-20,000 45%20,001-32,000 60%32,001 and up 80%The combination of higher import taxes on 1 January 2001 and the start of the GATT valuation system have increased costs to the point where vehicle imports have declined 60% so far this year, compared to the same period in 2000. <\/p>\n","protected":false},"excerpt":{"rendered":"
The Customs Department has made a counteroffer to vehicle importers. Vehicle importers asked the government to increase the tax exemption on vehicles from the present US$10,000 to US$20,000. Customs is offering to increase the exemption to only US$15,000. This would mean vehicles from US$15,001-US$30,000 would pay a Selection Consumer Tax (ISC) of 15%, those from … <\/p>\n