Rechargeable batteries to be exempt from GCT – Clarke | Loop Jamaica

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Cabinet has given the green light to the Ministry of Finance and the Public Service [MOFPS] to exempt lithium-ion batteries from General Consumption Tax [GCT]).

This is to be implemented in the first quarter of financial year 2022/2023, which begins April 1st.

Portfolio Minister, Dr Nigel Clarke, made the announcement as he closed the 2022/23 Budget Debate in the House of Representatives on Tuesday.

Clarke noted that in keeping with the thrust of the National Energy Policy, his ministry has been updating its strategy to encourage the use of energy-efficient technologies.

“From as early as 2013, the MOFPS incentivised the use of selected energy-efficient technologies by suspending the Common External Tariff [CET] and granting GCT exemption on the importation of such items,” Clarke said.

“We recognise that lithium-ion batteries are rechargeable batteries that use lithium-ions as the primary component of its electrolyte, commonly used for portable electronics and electric vehicles. Their popularity has been growing as an energy-storage technology, which should help to reduce the cost associated with the generation of electricity,” he added.

Clarke said the Ministry has already provided relief of the CET on such batteries and now believes the time is right to exempt these batteries from GCT.

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