Maravi

(NEWZIMBABWE) 32 percent jump in vehicle imports

32 percent jump in vehicle imports
by Lunga Sibanda
07/03/2011 00:00:00

THE month of January saw a 32 percent jump in vehicle imports compared to the same time last year, officials said, crediting a reduction in import duty. At least 3,150 vehicles were processed at the Beitbridge border with South Africa in January, 1,000 more than at the same time last year.

“Vehicle imports are up significantly mainly due to the fact that many importers delayed the delivery of vehicles they bought last year to this year so as to benefit from the new rates of duty effective from January 1, 2011,” said Florence Jambwa, the Zimbabwe Revenue Authority’s commissioner for legal and corporate affairs.

Jambwa says they expect the numbers to stay consistent as more Zimbabweans import second-hand vehicles to beat a June government ban on importing vehicles older than five years.

Finance Minister Tendai Biti announced in his 2011 budget last November that excise duty for vehicles with an engine capacity of between 1,000cc and 1,500cc would be 25 percent this year, down from 40 percent.

The duty for vehicles with engine capacities exceeding 1,500cc was reduced to 40 percent from 60 percent.

Although some vehicles are imported through the smaller border posts in Kariba, Chirundu and Nyamapanda, the country’s most active port remains Beitbridge.

Officials say the main source countries of the vehicles being cleared there are South Africa, the United Arab Emirates, Japan, Singapore, the United Kingdom and the United States.

Labels: CARS, USED CARS

posted by MrK @ 2:57 PM