00:00Finance Minister Divindranath Tanku says a series of meetings with the Trinidad and Tobago Automotive Dealers Association has resolved concerns
00:09surrounding the classification of hybrid and mild hybrid vehicles.
00:14There's quite a lot of conversations in the consultation. There's quite a lot of going and going. I think a
00:20substantial representation from all interest groups was present. And we came up with a resolution. That's basically it.
00:26The minister's comments follow concern raised after the Customs and Excise Division issued a classification ruling on July 22 regarding
00:36certain mild hybrid vehicles.
00:38In a media release, the Ministry of Finance stressed that the ruling does not alter the customs duty relief available
00:44under Legal Notice 247 of 2024.
00:47According to the ministry, any new or used private hybrid vehicle that meets the criteria outlined in the Legal Notice
00:55will continue to qualify for the existing customs duty concessions.
00:59The minister also sought to reassure importers.
01:03The order is very clear. The mild hybrid and so on, those issues stem from international consideration, international rules without
01:17being undeclomatic.
01:19International factors, which will have required us as signatories to the agencies, will have required us to abide by the
01:29recommendations of the international group.
01:32At this point, the persons who are important, the very same vehicles that they were important before, face no change
01:39in the cost to them.
01:41So if you have vehicles on the sea, if you have important vehicles, if you have vehicles on the court,
01:45etc., you have no cost, no new cost.
01:48The ministry says neither customs and excise nor any other arm of the ministry ever advised that the legal notice
01:55had been repealed or replaced.
01:57Instead, it maintains the classification ruling is consistent with international standards established by the World Customs Organization.
02:05Tanku also addressed reports suggesting taxes had increased.
02:09There was a misconception somewhere in the media or in social media, wherever it came from, that there was an
02:16increase in some tax.
02:19I mean, I know they like to call me taxing, but there was a perception that there was an increase
02:22in some tax on vehicles.
02:26That is not true. And I think that the release has spread that out.
02:29The minister also criticized what he described as premature reporting and social media commentary, saying inaccurate information created unnecessary concern
02:39among dealers and consumers.
02:41He urged reporters and commentators to verify information with the relevant authorities before publication, adding that speech should never take
02:49precedence over accuracy.
02:51On the wider economy, Tanku says, in the upcoming budget, he intends to introduce measures to improve lives and livelihoods
02:59of all in TNT, in the same vein as the first budget.
03:03The former administration took some policy decisions, which resulted in the contraction of the economy by 20%.
03:11That's a substantial contraction of any government, any economy in 10 years.
03:16So we inherited difficult circumstances, but they didn't just contract the economy.
03:20They borrowed heavily, they spent substantially, and still the quality of lives did not include.
03:26We are working to resuscitate a dying economy.
03:31He was speaking at the opening of Pennywise Plaza in Trin City.
03:35Ravashita Mwari Rupnarein, TV6 News.
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