KUALA LUMPUR – Individuals who purchase imported, completely built-up units of electric vehicles (EV) will be exempted from paying import and excise duties, as part of the government’s push to encourage Malaysians to move away from internal combustion engine (ICE) vehicles.
Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz, in tabling the 2023 budget, said the incentive for the importing of the complete built-up EV cars will be in place until December 31, 2024.
A similar exemption will be given to approved permit fees for the importing of such vehicles until the end of next year, he announced.
Separately, Zafrul said EV charging equipment manufacturers will also enjoy full income tax exemptions over their statutory incomes for a period of 10 years, beginning the 2023 financial year.
The minister added that Tenaga Nasional Bhd has also given its commitment to install more solar rooftops and provide EV charging facilities, with RM165 million allocated for this purpose.
These are among several initiatives announced by the government as it strives towards achieving carbon neutrality by 2050.
“To support this aspiration, we cannot continue with the current ‘business as usual’ attitude.
“Planetary health must be taken into consideration in our development agenda,” he told the Dewan Rakyat today.
Tengku Zafrul noted that apart from already tabling an amendment to the Environmental Quality Act 1974 to increase the penalties for environmental offenders, the government is also encouraging more green investments.
In this regard, the government proposed to extend the application for the Green Investment Tax Allowance and Green Income Tax Exemption until December 2025.
Bank Negara Malaysia will also allocate RM1 billion to support sustainable technology startups and a further RM1 billion to assist small and medium enterprises that apply low carbon practices.
In addition, Tengku Zafrul said Khazanah Nasional Bhd will be allocating RM150 million to stimulate environmental-friendly development projects. – The Vibes, October 7, 2022
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