Malaysia announces tax incentives for electric vehicles
The Malaysian Government has implemented several initiatives to encourage local companies to increase their efforts to manufacture electric vehicles (EVs) to support the development direction of the local automotive industry.
Kuala Lumpur (VNA) – 🌳The Malaysian Government has implemented several initiatives to encourꦜage local companies to increase their efforts to manufacture electric vehicles (EVs) to support the development direction of the local automotive industry.
According to the Investment, Trade and Investment Deputy Minister Liew Chin Tong, among the initiatives or efforts undertaken by the government include the full exemption of import and excise duties for imported completed built up EVs until Dec 31, 2025, and the full exemption of import and excise duties, and sales tax for domestically produced EVs until Dec 31, 2027.
Other initiatives include income tax allowance or pioneer status for companies manufacturing energy efficient vehicles (EEV) including EVs and related critical components, road tax exemption for EV users until end of next year, the granting of Green Investment Tax Allowance to Charging Point Operators that meet the tax incentive criteria for tax exemption in the form of a 100% Investment Tax Allowance for five years.
Liew said that income tax exemption on statutory income is also granted for companies manufacturing EV Charging Equipment from 2023 to 2032 and individual income tax relief of up to 2,500 RM (607 USD) for the installation or subscription of EV charging facilities at home for the assessment year up to 2027.
The Malaysian Government has also introduced several initiatives for the development of the EV ecosystem to support the development of EV industry.
For examples, the provision of EV charging facilities with a target of 10,000 EV charging bays by 2025, the development of the NxGV test centre (EV Interoperability Centre) and the National Rechargeable Battery Testing Centre to facilitate EV testing and development in the country and reduce costs, and the development of related standards such as charging systems, battery disposal activities, battery swapping, wireless charging and other standards to ensure the safety of EV users./.
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