The Minister of Economy, Luis Caputo, has announced that a tax reduction for high-end cars and motorcycles will take place starting next week. The main objective of this measure is to benefit both consumers and the automotive market.
According to Caputo, internal taxes will be eliminated for cars valued between 41 and 75 million pesos, which are currently subject to a tax rate of 20%. Additionally, the tax rate for vehicles valued over 75 million will be reduced from 35% to 18%. This will result in a decrease in the sale price of these cars by between 15% and 20%, likely generating an increase in demand in the automotive market.
In addition, the reduction of tariffs to zero for the importation of low-cost electric and hybrid cars has been announced, a measure aimed at expanding the alternatives of more affordable vehicles. An annual quota of 50,000 cars has been established for importation in this category, thus promoting the incorporation of more environmentally friendly technologies in the automotive market.
Finally, it was reported that internal taxes applied to motorcycles valued between 15 and 23 million pesos, which are currently subject to a 20% tax, will be eliminated. This decision aims to promote access to more affordable means of transportation and facilitate the growth of the motorcycle segment in the country.
