No new levy to be implemented on hybrid vehicles, ministry clarifies |07 November 2023

The Ministry of Finance, National Planning and Trade has denied there is a new levy being imposed on hybrid vehicles as from next year.

In a communique issued yesterday, the ministry advised members of the public that a notice in circulation issued by a Motor Dealer, named Auto Arcade, informing its clients of an “increase in the price of hybrid vehicles as from January 2024, due to the implementation of a new levy”, is incorrect and misleading.

“The ministry states there is no new levy to be implemented on hybrid vehicles,” read the statement.

“Contrary to what is being circulated, in his 2024 budget speech delivered before the National Assembly, Minister Hassan stated clearly that there will in fact be a reduction on Excise Tax and the Environment Levy on hybrid vehicles as from January,” it added.

The ministry has appealed to businesses to give clients the “right, correct and credible information, instead of spreading misinformation at the detriment of their clients and for a quick profit”.

Further details about the reduction on excise tax and the environment levy on certain types of vehicles, including hybrid, as announced in the budget speech, will be provided to the media today.

Contributed