Cuts on import duty having direct impact

The National Business

THE impact of the cuts on import duty for motor vehicles arising from the 2020 Budget has seen motor dealers reducing prices on new vehicles, according to Port Moresby Chamber of Commerce and Industry (POMCCI).
The chamber in a notice to its members said the reduction of 60 per cent excise duty on new and reconditioned vehicles had had an immediate impact on the prices.
Giving an example, POMCCI said the popular Toyota Hilux 2.8 automatic was initially priced at K193,746 but was now K173,685.