The Ministry of Finance, National Planning and Trade wishes to advise 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 of 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.’
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 of January.
The Ministry appeals 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.’
To note, the Ministry of Finance, National Planning and Trade will tomorrow be meeting with the media to give more information about the reduction on Excise Tax and the Environment Levy on certain types of vehicles, including hybrid, as announced in the budget speech.