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Budget 2022: Incentives for EV ownership to open new green investment opportunities, says Tuan Ibrahim

Budget 2022: Incentives for EV ownership to open new green investment opportunities, says Tuan Ibrahim

30 Oct 2021

The incentives for electric vehicle (EV) ownership announced in Budget 2022 will support the development of the EV vehicle ecosystem and open up more new green investment opportunities, said Environment and Water Minister Datuk Seri Tuan Ibrahim Tuan Man.

He said the EV-related incentives would also support the development of green and low-carbon technologies as well as high-skilled green jobs in Malaysia.

“EV incentives are seen to be able to support the implementation of the Low Carbon Mobility Blueprint, as well as help improve the country’s air quality index,” he said in a statement on Budget 2022 on Saturday (Oct 30).

Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz when tabling the Budget in the Dewan Rakyat on Friday said the government plans to provide full exemption from import and excise duties as well as sales tax for EVs to support the development of the local EV industry.

Tengku Zafrul said road tax exemption of up to 100% will also be provided for EV vehicles, in addition to individual income tax relief of up to RM2,500 on the cost of purchase, installation, rent, hire purchase as well as subscription fees for EV charging facilities.

Tuan Ibrahim said next year’s Budget provides a significant emphasis on ensuring the preservation of the environment and water, and expressed his appreciation over the proposed allocation of RM4.172 billion to the Ministry of Environment and Water (KASA).

He said KASA would continue with flood conservation and mitigation projects nationwide, besides welcoming specific initiatives to address coastal erosion in Pantai Merdeka and overcome floods in Melaka.

The government has provided RM450 million to various ministries under Budget 2022 to implement several initiatives related to the environment and biodiversity, including the projects in Pantai Merdeka and Melaka.

Source: Bernama