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Update: The Ismail Sabri Government Budget is no longer applicable.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
Under the National Automotive Policy 2020 and the Low Carbon Mobility Blueprint 2021 - 2030, Malaysia is making significant strides toward developing an ecosystem for electric mobility.
The National Automotive Policy 2020 was launched on February 21, 2020, with the goal of improving the automotive industry during the digital industrial transformation era. Its focus is on Next-Generation Vehicles (NxGV), Industrial Revolution 4.0 (IR 4.0), and Mobility-as-a-Service (MaaS) to position Malaysia as a regional leader in manufacturing, engineering, and technology.
The policy builds upon the objectives of the NAP 2014, which aimed to establish Malaysia as a hub for Energy Efficient Vehicles (EEV) through research and development capabilities for right-hand drive vehicles and related technologies such as fuel efficiency, light materials, telematics, tooling, and component design. To widen the infrastructure network of charging equipment, it is vital to ensure that the product can be produced locally at competitive cost.
It is proposed that the following tax incentives be offered to better complement the ecosystem for electric vehicles and to attract immediate high-value investment in the manufacturing of electric vehicle charging equipment.
income tax exemption of 100% on statutory income from the year of assessment 2023 to the year of assessment 2032. Companies that make early investments are eligible to enjoy tax exemption for a period up to 10 years. Thus, companies that make investments after the year of assessment 2023 are eligible to enjoy the remaining exemption period only; or
Investment Tax Allowance of 100% for 5 years, and it can be used to offset up to 100% of statutory income for each year of assessment.
For applications received by the Malaysian Investment Development Authority (MIDA) from 25 February 2023 until 31 December 2025.
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