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October 24 2021 6:17 AM ˚

Ten percent hike in tax on hybrids will have negative impact on market - Bustanji

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AMMAN — The 10 percent increase in customs duties and taxes on hybrid vehicles from January 1, 2022 will have negative repercussions  on the car market in Jordan, said head of the Free Zones Investors Authority, Muhammad Al Bustanji, according to Al Ghad News.اضافة اعلان

A decrease in demand for hybrid cars by between 60 to 70 percent in expected if the decision is implemented, Bustanji said in an interview with Hala News. He explained that the prices of hybrid cars will rise according to the type and value of the car by at least 1,000 dinars per vehicle.

Bustanji said the investors authority sent three letters through the Ministry of Finance asking the government withdraw its decision or to implement it over a two-year period, because of its negative consequences on the market.

As per the government’s decision issued in 2018, there is an incremental increase in fees, which rose to 35 percent in 2019, then 40 percent in 2020, 45 percent in 2021, and finally tops 55 percent in 2022.

Bustanji said that demand for vehicles in the Jordanian market today is very good after many sectors reopened, and students went back to their universities.

He said that there is a severe shortage of imported vehicles, due to the high global demand, and a lack of supply from manufacturers.

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