Saturday , July 13 2024

Malaysia encourages use of EVs

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 (US$530) 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.

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