Phillips clarifies import duty on horses
THE Ministry of Finance yesterday swiftly moved to clarify concerns raised by horsemen following Minister Peter Phillips' announcement of a reduction in import duties on horses.
Phillips, in his Budget presentation last Thursday, announced a 35-percentage point reduction on "horses for breeding purposes". However, there exists no tariff on that category of horses.
Yesterday, a release from the finance ministry properly outlined the revised tax, clearly stating that the reduction, from 40 to five per cent, was for "racehorses not for breeding", meaning horses being imported for racing purposes.
no tariff on pure-bred
"This change in the tax structure effectively reduces the current duty on horses from 40 per cent and introduces a new rate of five per cent," the ministry release stated.
"Presently, there is no tariff on pure-bred breeding animals (horses), and this will remain at zero per cent. This tax-type change will be administered in accordance with the Customs Act."
Cedric Stewart, chief executive officer at Caymanas Track Limited, the government entity that promotes horseracing at Caymanas Park, yesterday said he was happy that the ministry had quickly moved to erase doubts.
"I want to thank the ministry for coming forward with clarification. I hope all lovers of horses will go forward and import. I am looking for more than a hundred horses before July, so I can now write more racedays," he said.