It seems that the main categories of persons who can (afford to) drive those nice new LandCruisers are government officials, diplomats, extremely successful business people, drug dealers and tax evaders. The first two are not burdened by the 50 million taxes on a vehicle costing around 10 million landed in Guyana. Business people who take investment risks, would be hard pressed to make such an investment.
That is just one end of the scale. The average citizen pays about twice the vehicle’s CIF value in taxes (see data below). This forces them to have to buy older vehicles, while the persons who can actually afford to pay these exorbitant taxes get waivers.
Newer vehicles increase driver and passenger safety thereby reducing road fatalities. New vehicles continue to become more fuel efficient and reduce pollution. Old vehicles cost more to maintain due to having been previously used.
Reducing duties to 30 or 50% of the CIF value and abolishing duty free concessions will quickly level the playing field. The amount of duty free concessions currently given out could result in revenues paid at the new lower rates. Tax evasion and creative solutions will be reduced since the incentive to do so will be minimized. Persons work hard their entire lives, I believe they should all have a shot at owning what we now consider luxury.
Taxes on Vehicles other than buses/Trucks (individual use) (4 years and older)
(i) up to 1000cc: (CIF+US$4,200)*10%)+US$4,200
(ii) Exceeding 1000cc up to 1500cc:
(iii) Exceeding 1500cc up to 1800cc:
(iv) Exceeding 1800cc up to 2000cc:
(v) Exceeding 2000cc up to 3000cc:
(vi) Exceeding 3000cc: ((CIF+US$14,500)*100%)+US$14,500