Toyota Motor Philippines (TMP) announced that they will begin importing their hybrid car, the Prius, next week. The selling price has yet to be determined but it currently retails for $22,000. Add some import taxes to that and the price could balloon further.
TMP has stated that the government needs to give incentives to hybrid importers and manufacturers in order to propagate the use of the low gasoline consumption vehicle. Recently the Department of Finance objected to the idea of granting additional perks to importers and manufacturers of hybrid vehicles stated in House Bill 2084.
HB 2084 seeks to develop the hybrid car industry in the Philippines by giving exemptions in the payment of import duties, customs and tariff duties, excise, value-added and ad valorem taxes to those engaged in the manufacture or import of hybrid vehicles, including their parts and components.
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Category: Automotive, Hybrids
