Effective today [May 02, 2011] Jamaicans will start paying less custom duties on some imported motor vehicles.
The common external tariff (CET), on motor cars including SUVs has been cut from 40% to 20%.
The tariffs on motor bikes with engine sizes below 300 cc have been reduced to 10 per cent while tariffs on those with 600 cc engines have been cut to 20%.
In addition, the CET on all-terrain vehicles has moved down to 20%.
Licensed taxi operators who import buses with fewer than ten seats, will now pay an aggregate duty of 36%.
In announcing the changes to the import duties last week, Finance Minister Audley Shaw said these measures are aimed at regularising the tax regime on motor vehicle imports as well as to stimulate the industry.
At the same time, Shaw also announced increases to some motor vehicle import duties.
The CET on pickups for example has been doubled.