There is nothing more unnerving for the efficient operation of a market than uncertainty. Uncertainly leads to a crisis of confidence and the inevitable result is that consumers stay out of such a market.

In the prevailing circumstances, what Maltese car buyers would like most is for a measure of certainty to be restored to the local market. The bottom line is that they want to know what a new car will cost once the current registration tax is overhauled and how much they will have to pay for their road licence.

Finance Minister Tonio Fenech has come out with some information on the new vehicle tax and road licensing system. He told members of the media at the launch of the pre-budget 2009 document that the new system "will become based more on environmental principles related to emissions and congestion in the country".

He went on to give some more details: "Part of the (new vehicle) tax will be paid in the beginning. This will be based on each vehicle's emissions and the vehicle's length. Why, you may ask, the length? The length is the congestion element. The longer a car is, the more we will have queues. The shorter the car, the fewer the queues and the more space we will have for parking.

"These are important elements that help us, effectively, to have vehicles that reflect our environmental needs more and the realities of the country. The licensing system will also change. As we said, part of the tax that was paid in the beginning is going to be shifted to the tax that is paid every year. This is also being based on emissions.

"I also add that this is for new vehicles only that have just entered the system. Cars bought before January 1, 2008, will stay in the old system and cars bought in 2009 (sic!) will have the option to enter the new system and the extra part they would have paid as registration tax would be given as a tax credit set against the tax that is to replace the annual road licence."

While the Finance Minister must have undoubtedly been referring to 2008 for cars bought after January 1, 2008, this information is clearly not enough to settle the market.

What the market surely needs is for Mr Fenech to state that cars are not going to be that much cheaper under the new regime, mid-range cars will probably cost the same as they do now and big vehicles, including high-emission 4x4s and executive saloons, will cost a lot more.

The Association of Car Importers Malta wants an end to this instability in the market. Waiting for the crucial details on how much the new registration tax will be and what the new licence fees will amount to does not foster stability. While it seems that the full details will be announced on Budget Day, in the final quarter of the year, this will simply prolong the uncertainty.

ACIM calls on Mr Fenech to make the announcement immediately so that market stability will be restored. The Maltese consumer, who may have decided to put off the decision to buy a new car, also deserves better.

Mr Naudi is the official spokesman of the Association of Car Importers Malta (ACIM).