Technology

Belizeans to Import Cars at 10% Duty- If It's An Electric Vehicle

Prime minster Johnny Briceno's cabinet approved the reduction of import duties on EVs and HEVs to 10 percent in a scheduled sitting of ministers on 14th October. Officials hailed the new policy as a positive step to incentivize a green transition to more energy-efficient and cost-effective electric and hybrid electric vehicles.

The much touted transition is expected to dampen economic risks from imported fuel costs and Stabilize transportation expenses. Growth of new industries and jobs necessary for EV maintenance, charging infrastructure, and related services is also expected to increase sharply, as well as heavy investment in energy infrastructure to improve the reliability of the national electricity grid and charging network.

The Belize Electric Vehicle Market is anticipated to reach $15 Million by 2030, thanks to new bill presented by cabinet ministers.

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