Upward onward: Bajan excellence 2030
Extension of the excise tax and VAT holiday on the purchase of green vehicles by an
additional two years until 31 March 2026
Measure announced
The Prime Minister in her presentation outlined key measures geared towards the renewable energy sector by outlining various
incentives as follows:
•
extension of the excise tax and VAT holiday on the purchase of electric and plug-in hybrids along with CNG and
solar-powered vehicles by an additional two years until 31 March 2026;
the establishment of a $3m low-interest Revolving Fund at the Fund Access for the acquisition of or conversion to
electric, plug-in hybrid, CNG or solar powered passenger vehicles for the PSV sector;
the introduction of loans up to $25,000 for postal workers to acquire electric motorcycles effective 1 April 2023.
Our view: We welcome these measures which show the Government's commitment to reducing carbon emissions by 2030
and also lessen the country's collective dependence on fossil fuels in an effort to meet its renewable energy policy objectives.
This will take us one step closer to the ambitious 2030 vision of becoming 100% fossil fuel free.
PwC | 2023/24 Budget review | Barbados
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