Motorists should brace for an increase in the cost to license their vehicles as a 20-percent increase comes into effect today.
This forms part of the government’s revenue measures to fund the upcoming budget for the 2017/2018 fiscal year which starts on April 1.
Motor vehicle and driver’s license-related fees for taxis will move from $7,700 to $9,240.
Private owners whose vehicles fall below 2000 cc will now pay $12,600 to license their vehicles, up from $10,500.
Vehicles, between 2000 cc and 2999 cc will now attract a fee of $18,000 up from $15,000.
Those with vehicles above 3,000 cc will now pay up $24,000 up from $20,000.
And, persons seeking to get a general driver’s license will now have to pay $7,200; an increase of $1200.
The measures are expected to yield a total of approximately $8-billion to the government.
Meanwhile, the costs of alcohol and tobacco will also to go up today.
Finance Minister, Audley Shaw, last week announced that the tax on cigarettes will increase to $14, up from $12 per stick.
This measure is expected to yield $826-million in revenue to the government.
Likewise, the tax on alcohol will move from $1,120 per litre to $1,230. That’s expected to yield $403-million in revenue.
Meanwhile, an increase in the Special Consumption Tax on petrol will also take effect this week and will be reflected at the pumps on Wednesday.
This, in keeping with Petrojam’s standard price schedule.
On Wednesday, unleaded gasoline will incur an additional $5.67 per per litre. Diesel will attract an additional $6.70 charge per litre.