Tuesday 2 February 2021
An aerial view of new and foreign used cars on the Port of Port of Spain - Jeff K. Mayers
Put simply, the Ministry of Finance’s plan to increase taxes on cars to reduce the demand for foreign exchange will not work, especially when it comes to electric vehicles.
This was the position of the Energy Chamber of TT, shared by chairman Dwight Mahabir during his opening remarks at the Chamber’s Energy Efficiency and Renewables Conference on Monday morning.
He said, “We have noted the recent increases in taxes on private hybrid and electric vehicles, which we understand will be a policy measure aimed at reducing the demand for foreign exchange.