Budget 2023 – all auto and transport-related points
Malaysia’s Budget 2023 (Bajet 2023) will be tabled by finance minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz in parliament at 2.30 pm today, three weeks earlier than the originally scheduled date of October 28. As always, we will be monitoring the finance minister’s speech for any automotive-related matters.
Last year’s Budget tabling was particularly interesting for the local EV industry, with the government announcing at the time that EVs would be exempted from import and excise duties as well as road tax for a limited time.
This year, expectations are that these EV incentives be extended beyond their original deadlines – 100% duty exemption for CBU EVs up to December 31, 2023, and 100% duty exemption for CKD EVs up to December 31, 2025. The ministry of international trade and industry (MITI) said previously that it had proposed more EV incentives to be included in Budget 2023, but we’ll have to wait until later to find out.
In addition to automotive-related matters, we’ll also look out for public transport and infrastructure news. Live updates will be posted here, so stay tuned. What are you hoping for in this year’s Budget?