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THE Ministry of Finance (MOF) has yet to make a final decision on the anticipated significant increase in vehicle prices starting in 2026, following the enforcement of the new excise tax regulations.
The regulations, known as P.U.(A) 402/2019 - Excise Tax Regulations (Determination of Value of Locally Produced Goods for Excise Tax Purposes), deals with the open market value, which could affect vehicle prices.
The ministry explained that the transparent open market valuation (OMV) is a calculation method outlined under the excise tax regulations PUA 402 which is now in review.
In a statement on Tuesday, the ministry said: “In reply to news reports regarding the anticipated significant increase in vehicle prices following the enforcement of the regulations, clarified that: “MOF, together with the Ministry of Investment, Trade and Industry (MITI) and the automotive industry, is currently reviewing the vehicle valuation method to ensure that the imposition of tax is carried out in a fair, neutral and consistent manner.”
The ministry clarified that past news reports on the matter were inaccurate. – February 11, 2025