MITI is proposing more EV incentives for Budget 2023
The ministry of international trade and industry (MITI) has proposed that more EV incentives be included in Budget 2023, which is set to be tabled next month on October 7. This was revealed by MITI secretary general Datuk Lokman Hakim Ali during the launch of the Perodua Ativa Hybrid subscription programme today.
“Let me just take this opportunity to share [something] with you. This morning, at an EV task force meeting, MITI as well as various ministries, agencies, industry players and associations have agreed that we should place [more] emphasis in building efficient and quality infrastructure for charging stations,” said Lokman.
“We realised the need to ensure the regulatory process is facilitative enough towards ensuring a conducive environment for the EV industry to thrive. In fact, MITI has actually put up a few proposals for Budget 2023; certain incentives to ensure that local industry players are be able to compete in the EV ecosystem,” he added.
During the tabling of Budget 2022 last year, it was announced that EVs would be completely exempt from import and excise duties. The exemption runs from January 1, 2022 until December 31, 2023 for fully-imported (CBU) EVs, while it’s until December 31, 2025 for locally-assembled (CKD) EVs. Road tax for CBU and CKD EVs are exempt until December 31, 2025 too.
Several car companies have since begun offering EVs priced to take advantage of these incentives, with more set to join the mix. The Malaysian Automotive Association (MAA), which represents car companies in our country, are seeking an extension of the exemption for up to 10 years to further promote the growth of the local EV market. What sort of EV incentives are you looking forward to in Budget 2023?