Environment-friendly Commercial Vehicles
Last April we offered a reduction in the First Registration Tax for environment-friendly private cars to encourage people to choose these type of cars. I propose to introduce a similar concession for environment-friendly commercial vehicles to further reduce air pollution. Depending on the types of vehicles, a reduction of 30, 50 or 100 per cent in the First Registration Tax will be offered to buyers of commercial vehicles meeting the Euro V emissions standards. Details of the proposal will be announced by the Environmental Protection Department later. If 15 per cent of the commercial vehicles applying for first registration are converted to Euro V vehicles, it is estimated that the proposal will cost the Government $26 million a year.