Removal of GCT on Armoured Cash Courier Vehicles

Operators of cash courier businesses will benefit from General Consumption Tax (GCT) exemption on the importation of armoured vehicles for two years.

Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, who made the announcement while opening the 2024/25 Budget Debate in the House of Representatives on Tuesday (March 12), said the measure is aimed at increasing support for the armoured cash courier industry and enhancing the security of courier operations.

“Effective the first quarter of the upcoming fiscal year, and for 24 months thereafter, any company that operates an approved cash courier business will be able to import free of GCT on the added cost of armouring vehicles,” he said.

He explained that duty and GCT will still be payable on the cost of the underlying vehicle being imported, noting that what will be exempted is the duty and GCT on the cost of the armour, which is often almost as costly as the vehicle itself.

“This measure is intended to encourage companies operating in the armoured cash courier industry to invest in more resilient equipment for the function they carry out, by upgrading their fleet,” Dr. Clarke said.

The estimated revenue losses associated with the removal of GCT for the armoured cash courier industry is $50 million.