International Trade and Industry deputy minister Datuk Hamim Samuri has said that the government is committed to ensure that prices of imported cars, especially those with mid-range engine capacities, will be reduced by up to 30%, The Star reports.
"The Government will keep its promise of reducing prices of imported cars between 20% and 30% within the next five years," Hamim said in response to a question by Pandan MP Rafizi Ramli in Parliament.
However, Hamim said the price reductions do not include imported luxury cars, the English-language daily reported. He was not reported to have elaborated on what constitutes a luxury car, or what exactly was meant by mid-range engine capacities.
The imported car price reductions cannot happen immediately, as it could negatively affect the industry, including used car dealers, added the MITI deputy.
"What will happen is that consumers will focus on getting new vehicles and will no longer want to buy secondhand cars," The Star quoted him as saying.
Hamim also said RM10 billion was generated from excise duties for imported cars, with RM3.37 billion collected in 2011, RM3.44 billion in 2012 and RM3.19 billion in 2013.
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