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PM Corrects Excise Rates on Vehicles


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Contact: Prime Ministerís Press Secretary

Thursday, April 10, 2003 - Prime Minister and Minister of Finance and Economic Affairs Dr Kenny D. Anthony today indicated that the reductions which he announced in excise duties for vehicles during his budget address on Tuesday were incorrect.

The figures announced were in fact the previously existing rates. The actual reductions are lower than what was announced and are as follows.

  1. A 10% reduction for coaches and buses of seating capacity exceeding 21 persons, from 60 % to 50%. This will yield an effective reduction of 20%;
  2. A reduction for coaches and buses of seating capacity exceeding 29 persons, from 60% to 50%. This will yield an effective reduction of 20%;
  3. A reduction for vehicles between 1,000cc and 1,5000cc, from 40.5% to 30.5%. This will yield an effective reduction of 32.7%;
  4. A reduction for vehicles between 1,800cc and 2,000cc, from 70% to 60%. This will yield an effective reduction of 16.7%
  5. A reduction for vehicles above 2,000cc and up to 3,000cc, from 95% to 85%. This will yield an effective reduction of 11.8%; and
  6. A reduction for vehicles above 3,000cc, from 100% to 95%. This will yield an effective reduction of 5.3%.

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