Today’s Budget 2024 presentation also saw Prime Minister Anwar Ibrahim, who is also the Finance Minister, announcing the government’s continuous support to boost the local electric vehicle (EV) industry and encourage EV adoption in Malaysia. As revealed earlier, part of its effort includes a new incentive for electric motorcycle ownership and extended income tax relief for EV charging facility expenses.
To encourage electric motorcycle adoption, Anwar said the government will introduce the new Electric Motorcycle Usage Incentive Scheme which grants potential buyers with rebates of up to RM2,400 for their purchases. He noted that this incentive is only applicable to Malaysians with an annual income of RM120,000 and below.
Additionally, it is revealed that individual income tax relief of up to RM2,500 for EV charging facility expenses and EV rental costs will be extended. More specifically, an extension of four years will be given to the former while the latter gets another two years.
Anwar added that the Federal Administration will start using EVs as official vehicles in the near future, with the aim of transforming Putrajaya into a model low-carbon city for Malaysia. Meanwhile, he also said that the government welcomed the RM170 million investment by Tenaga Nasional Berhad (TNB), Gentari and Tesla Malaysia to install 180 EV charging stations across the country.
(Source: Budget 2024, via Astro Awani)
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