Natural Resources, Environment, and Climate Change Minister, Nik Nazmi Nik Ahmad has said that the government is planning to extend the tax incentives provided for electric vehicles (EVs) in the upcoming re-tabling of Budget 2023. This is in a bid to encourage Malaysians to transition to low-emission vehicles and to achieve carbon neutrality by 2050.

The minister also said that Malaysia aims to increase the number of EV charging points in the country from the existing 900 charging points to 10,000. “There will be a greater push from the government to ensure we reach the 10,000 target,” he said.

Under Budget 2022, the government had provided several tax incentives to support the local EV industry as well as to stimulate the public’s interest in EV adoption. These included full exemptions on the import and excise duties on these vehicles, as well as full sales tax exemption. Additionally, EV car owners were able to enjoy a full waiver on road tax, on top of a tax relief of up to RM2,500 for the cost of purchase and installation, rental, and subscription of EV charging facilities.

Meanwhile, Budget 2023 is scheduled to be re-tabled on 24 February 2023.

(Source: The Edge Markets)

• TAGS:
• Budget 2023
• Electric vehicles
• Nik Nazmi Nik Ahmad
• Tax Relief