South Africa Plans To Extend Auto Incentives To Commercial Vehicles
Published On May 12, 2016
South Africa is up with the plan to feed auto industry with measurable hikes – as per the recent report from Trade and Industries Ministry. The incentive scheme rolled out plans about including commercial vehicles and motorbikes in the agenda, as the existing support program ends in 2020.
The current plan is covering Toyota and Volkswagen to be benefited from inducements that include tax rebates and other relaxations, marked at increasing local vehicle production twofold of its present volume.
According to Rob Davies, Minister of Trade and Industries, SA, the new plan would include light, medium and heavy vehicles and motorcycles.
The auto industry backs economy with 7 percent of total contribution to the gross domestic product of the country. Besides, taking part in 12% of exports. Which allows it to lodge more than 30,000 jobs.
The other companies with factories in South Africa are Ford Motor Co., General Motors and BMW – which are probably going to get benefit of the policies that are planned for extending auto incentives to commercial vehicles.
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