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May 27, 2008

VENEZUELA: Incentives come to an end

Venezuelans will have to start paying more for their cars when a government incentive programme comes to an end in June.

Venezuelans will have to start paying more for their cars when a government incentive programme comes to an end in June.

Under the Venezula Movil programme, buyers of new cars were exempt from the 9% value-added tax applied to cars.

The programme was agreed between the government and the automotive industry but, according to AutoData, they believe the tax exemption is no longer necessary now a new automotive policy is in place.

The programme was introduced when value-added tax had reached a peak of 16%.

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