Although it wasn’t mentioned during finance minister and prime minister Datuk Seri Anwar Ibrahim’s Budget 2023 speech earlier this evening, there are updates related to electric vehicle (EV) policies in the retabled budget.
The current import duty and excise duty exemption for fully-imported (CBU) EVs will now be extended for yet another year to December 31, 2025. It was originally set to end in December 31, 2023, before being extended in the first tabling of Budget 2023 to December 31, 2024.
That’s not all. The excise duty and sales tax exemption for locally-assembled (CKD) EVs has also been extended – it is now in place until December 31, 2027, two years more than the original deadline, which was December 31, 2025.
Also, the import duty exemption for components used in local CKD assembly of EVs, which was originally set to run until December 31, 2025, has also been extended to December 31, 2027. Additionally, the government has announced that 100% exemption of corporate income tax will be given to locally-registered EV charger manufacturers from year of assessment 2023 to 2032.
The post Budget 2023: CBU EVs in Malaysia now tax free until end-2025; CKD exemption until December 31, 2027 appeared first on Paul Tan's Automotive News.
* This article was originally published here
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