Reduction of Import Levy on Cars – Fall Out of AfCFTA

January 17, 2021 proshare 0 Comments

One of the key changes in the new Finance Act 2020 is the reduction in the import levy on cars from 30% to 5%. This is in addition to a reduction of import duty on Tractors from 35% to 5%, and on mass transit vehicles for transport of more than 10 persons and trucks from 35% to 10%. This would mean a significant drop in the price of imported brand new cars. While this is good news for motorists and car dealers, the policy will weigh negatively on the domestic automobile manufacturing industry and on government revenue from duties and levies. Read More.

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