Extension of Tax Incentives to support the Development of Electric Vehicle Industry
Updated: Jul 15
Update: The Ismail Sabri Government Budget is no longer applicable. Malaysia's national budget for 2023 was re-tabled again in February 2023.
To Download Revised Budget 2023 Speech and some other related publications - https://www.ccs-co.com/post/budget-2023-malaysia-madani
Current Position
In Budget 2022, to support the development of the Electric Vehicle (EV) industry and encourage domestic demand in line with the Low Carbon Mobility Blueprint – LCMB, EV Roadmap and National Automotive Policy – (NAP) 2020, tax exemptions for EVs consist of passenger vehicles (including SUV and MPV), commercial vehicles and motorcycles are given as follows:
Proposal
To spur domestic demand and encourage the growth of locally assembled EV activity, it is proposed tax incentives for EVs be extended as follows:
Comments
By extending the tax incentives, the government aims to further boost the growth of the local electric vehicle industry and encourage more Malaysians to switch to electric vehicles. This will help to reduce the country's dependence on fossil fuels and contribute to global efforts to combat climate change.
Furthermore, extending tax incentives is expected to attract more investment in the local EV industry, create more job opportunities, and promote the development of a more sustainable and resilient economy.
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