The Malaysian government has included the adoption of electric vehicles (EVs) in its National Energy Transition Roadmap (NETR) towards the goal of EVs accounting for 15% of all vehicles sold by the year 2030, rising to 80% by 2050.
A Volvo XC40 Electric vehicle (EV) at Miti Tower in Kuala Lumpur February 20, 2023. The Malaysian government has made the adoption of electric vehicles among the thrusts of its National Energy Transition Roadmap (NETR). (Photo: malaymail.com)
Kuala Lumpur (VNA)ꦆ – The Malaysian government has included the adoption of electric vehicles (EVs) in its National Energy Transition Roadmap (NETR) towards the goal of EVs accounting for 15% of all vehicles sold by the year 2030, rising to 80% by 2050.
The current import duty and excise duty exemption for fully-imported (CBU) EVs has been extended to December 31, 2025, and EV owners will also continue to enjoy exemption from road tax until the end of next year.
They will also enjoy a lower tax rate in 2026, after the exemption expires, that will be based on the power output of their EV. When unveiling the new structure, Transport Minister Anthony Loke said it was 85% lower vis-a-vis petrol powered vehicles.
To encourage the growth of the EV charging network in Malaysia, the government is offering individuals 2,500 MYR (530 USD) in yearly income tax relief through to 2027 for the installation, rental, and purchase of EV charging equipment or subscription fees.
Besides, the country will offer up to 2,400 MYR in tax return to encourage individuals to adopt electric-powered motorcycles. However, this incentive has only been announced for the 2024 assessment year and it is only available for individuals earning no more than 120,000 MYR annually.
Companies investing in the assembly or manufacturing of energy efficient vehicle (EEV) including hybrids and electric or components for such vehicles are eligible for income tax exemption of 70% or 100% on statutory income respectively for a period of five or ten years.
Companies investing in green technology services involving EVs such as installation, maintenance, repair of EV charging equipment, EV infrastructure and charging stations are eligible for a 70% tax exemption for three years from the start of their operations./.
The Ministry of Investment, Trade and Industry (MITI) of Malaysia has presented a proposal for a one-time subsidy for electric vehicle (EV) owners to boost the growth of this industry.
Malaysia aims to attract more electric vehicle (EV) manufacturers as it is striving to establish itself as an EV manufacturing hub for the Association of Southeast Asian Nations (ASEAN), an official has said.
Malaysia has so far recorded more than 100,000 registered electric vehicles (EV) and is expected to witness potential growth in EV sales through end-2023, according to Minister of Investment, Trade and Industry Tengku Zafrul Abdul Aziz.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
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