Tax Incentive for Rental of Electric Vehicle

To Download Budget 2023 Speech and some other related publications - https://t.me/YourAuditor/3276

Current Position

Companies renting non-commercial motor vehicles, including Electric Vehicles (EV), are given tax deductions under Section 39(1)(k), Income Tax Act 1967, as follows:

1. cost of the vehicle not exceeding RM150,000, the maximum rental amount allowed for tax deduction is limited up to RM100,000; and

2. cost of the vehicle exceeding RM150,000, the maximum rental amount allowed for tax deduction is limited to RM50,000.

The tax treatment is effective from the year of assessment 2002.

Proposal

It is proposed that the maximum rental amount for electric vehicles that can be deducted for tax purposes be capped at RM300,000 to incentivise the use of low-carbon automobiles.

Effective Date

From the year of assessment 2023 until the year of assessment 2025.

Our website's articles, templates, and material are solely for reference. Although we make every effort to keep the information up to date and accurate, we make no representations or warranties of any kind, either express or implied, regarding the website or the information, articles, templates, or related graphics that are contained on the website in terms of its completeness, accuracy, reliability, suitability, or availability. Any reliance on such information is therefore strictly at your own risk.

Keep in touch with us so that you can receive timely updates |

要获得即时更新，请与我们保持联系

1. Website ✍️ https://www.ccs-co.com/ 2. Telegram ✍️ http://bit.ly/YourAuditor 3. Facebook ✍

• https://www.facebook.com/YourHRAdvisory/?ref=pages_you_manage

• https://www.facebook.com/YourAuditor/?ref=pages_you_manage

4. Blog ✍ https://lnkd.in/e-Pu8_G 5. Google ✍ https://lnkd.in/ehZE6mxy

6. LinkedIn ✍ https://www.linkedin.com/company/74734209/admin/