Malaysia’s Budget 2024 will be tabled this Friday, October 13 at 4pm by finance minister and prime minister Datuk Seri Anwar Ibrahim, and as with previous editions of the Budget, we will be monitoring his speech for any matters related to the automotive and transport sector.
The retabled Budget 2023 – which followed the original tabling of Budget 2023 by the previous administration – notably extended the excise duty and sales tax exemption for locally assembled (CKD) EVs until December 31, 2027, or two years further on from the original deadline that was December 31, 2025.
This also applied to the import tax exemption for components used in the local assembly of EVs in Malaysia, which similarly has been extended by two years to December 31, 2027 from its original end-2025 deadline.
Carried over in the retabled Budget 2023 from the original tabling the year before is the 100% income tax exemption for the years of assessment from 2023 to 2032, for manufacturers of EV charging equipment. These manufacturers will also be offered 100% investment tax allowance (Elaun Cukai Pelaburan) for a period of five years.
Also announced for the retabled Budget 2023 were the absorbing of license test costs, the continuation of the My50 public transport subscription passes, road network projects, maintaining of electricity tariffs (for no additional cost impact for charging an EV at home), road lighting infrastructure, reduction in MRT3 development cost, and airport upgrades.
The post Budget 2024 to be tabled by finance minister, prime minster Anwar Ibrahim at 4pm on Friday, October 13 appeared first on Paul Tan's Automotive News.
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