• Introduction of New Tax Regime (Effective November 2022): Aims to lower Import Duty and Excise Tax rates on certain vehicle classes.
• Promotion of Energy-Efficient Vehicles: Encourages the importation of newer, more energy-efficient vehicles with smaller engines.
• Incentives for Hybrid and Electric Vehicles: Features a reduction in import taxes for these vehicles to foster their use.
• Adjustments to Excise Tax Rates:
  • For tractors and semi-trailers, excise tax reduced from 55% to 35%.
  • For vehicles transporting 10 or more people, excise tax reduced from 45% to 35%.
• Reduced Duties for Cars and Small Vehicles:
  • Import and Excise Duty reduced to 25% for vehicles under 1600 CCs.
  • For vehicles with engines over 1600 CCs, such as SUVs, duties reduced to 30%.
• Goods Transport Vehicles under 5 Tonnes: Excise duty reduced from 60% to 30%.
• Implementation of Multifactor Model for Customs Duties (Starting January 1, 2023): This new formula will consider factors like the age of the vehicle, CIF cost, base surtax, and engine size.
• Transparent Duty Calculation: The new system aims to make the calculation of duties and surtaxes more predictable and transparent before purchase.

For more comprehensive information on these updates, please refer to the detailed article available at​ Search Light

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