2023 Budget: Extended EV incentives proposed according to MOF's website

There were some updates for EV incentives at the 2023 Budget tabling, it just wasn't announced by PMX, Datuk Seri Anwar Ibrahim.

At the recent 2023 budget tabling, it was a big surprise that nothing was mentioned about EV incentives during the 2 hour live televised broadcast, as that was one of the things that was expected to be updated.

Well, later on in the evening, after the dust had settled, there were actually some updates in regard to EV incentives, outlined in the 2023 Budget touchpoints on the Ministry of Finance’s website.

The biggest update we guess had to do with the import and excise duty exemption for fully-imported (CBU) EVs, as it has once again been extended for another year, closing the curtain on the exemption on December 31, 2025, instead of December 31 2024.

There were also some updates for locally-assembled (CKD) EVs, as the excise duty and sales tax exemption for CKD EVs has been extended to December 31, 2027. This deadline also applies to components used in local CKD assembly of EVs.