Finance Minister Colm Imbert has given a 2-month reprieve to buyers of some brands of vehicles on the new taxes he announced during his 2020-2021 national Budget.

Buyers will be spared a 30 to 40 per cent price increase until January 2021.

Finance Minister Colm Imbert yesterday granted the leeway on the new taxes and import duty on private motorcars.

In a news release, Mr. Imbert advised that at its meeting last week, Cabinet agreed the new taxes will be effective on January 1^st next year.

He said all private vehicles which are imported and cleared through customs on or before December 31^st, 2020 will be taxed and/or be subject to import duty at existing rates and/or enjoy the existing tax and import duty exemptions.

President of the Trinidad and Tobago Automotive Association, Visham Babwah last night said he is pleased but not entirely.

Mr. Babwah said there are still some concerns.

In his Budget presentation, Mr. Imbert said the country spends $2.5 billion TT dollars per year importing an average of 25,000 vehicles, at least two-thirds of which relate to private motor cars.

He said this has created a serious leakage of foreign exchange.

The Minister said the proposed measures to remove all tax concessions on the importation of private vehicles hope to address this problem.

In an immediate response, Automotive Dealers’ Association of T&T, President Ryan Latchu said this decision would have a tangible impact on the sector.