Georgetown : The Customs Duties Amendment Order, presented by Minister of Finance, Dr. Ashni Singh yesterday received the unanimous support of the National Assembly.
It provides for the zero-rating of the value-added tax (VAT) and the removal of customs duty on machinery and equipment for obtaining, generating and utilising energy from renewable energy sources.
These include: solar panels, solar lamps, deep-cycle batteries, solar generators, solar water heaters and cookers, direct current (DC) solar refrigerators, freezers and air conditioners, wind and water turbines, power inverters and energy efficient lighting, including compact fluorescent lamps and lights emitting diode (LED) lamps.
In his 2012 budget speech, the Minister had indicated Government’s intention to promote greater reliance on renewable sources of energy and the use of more energy-efficient devices.
This move is consistent with the Low Carbon Development Strategy (LCDS), which promotes clean and renewable sources of energy along with energy efficiency, and takes into consieration, the rising cost of energy from traditional sources.
“We hope that with the removal of taxes on these items which are so essential to our agenda for promoting energy efficiency and indeed for encouraging behavioural changes as it relates to energy consumption, more businesses and more households will recognise the merits from migrating from less efficient devices to more efficient ones,” Minister Singh stated.
The Order also provides for the removal of exports pursuant to the country’s obligation under Article 14 of the EU/CARIFORUM economic partnership agreement.
AFC member, Moses Nagamootoo and shadow finance minister from APNU, Carl Greenidge indicated their Parties’ support for the Order.
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