The House of Representatives has passed legislation exempting lithium ion batteries from General Consumption Tax.
Finance Minister Dr Nigel Clarke says the exemption forms part of the push toward increased use of renewable energy.
Lithium ion batteries are a type of rechargeable energy storage medium commonly used in portable devices.
Dr Clarke says the batteries initially did not enjoy the exemption under the government’s long-standing policy to promote renewables.
However, the finance minister says the technology has changed significantly.
The minister says the order could see the government forgoing nearly 200 million dollars in taxes in its efforts to push for greater use of green electricity generation.
Dr Nigel Clarke, Minister of Finance and the Public Service. He was speaking in the House of Representatives yesterday.