Don't expect cheaper cars in post-Afta: PM
Don't expect cars to be cheaper when the Asean Free Trade Area (Afta) comes into force in 2005, Prime Minister Mahathir Mohamad warned today.
"Sorry, some people are waiting for the price to go down (but) it's not going to happen," Mahathir told a news conference.
He said local taxes would be imposed on all cars to replace the loss of revenue from import tariffs after Afta comes into force.
"All cars will be subjected to the same tax so the price is not going to go down."
The import duties on 'completely knocked down' cars, which are currently about 42 percent, are expected to be cut to less than five percent by 2005.
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