Malaysia’s 2023 Budget (Bajet 2023) will be tabulated by Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz in parliament at 2:30pm today, three weeks ago compared to the originally scheduled date of October 28. As always, we will be following the finance minister’s speech on any auto-related matters.
Previous years Budget review was particularly exciting for the local electric vehicle industry, with the government announcing at the time that Electric vehicles will be exempt from import duties and excise taxes as well as road taxes for a limited time.
This year, the expectation is that these EV incentives will be extended beyond the original term – 100% tax exemption for complete vehicles until December 31, 2023 and 100% tax exemption for CKD electric vehicles through December 31. 2025. The Department of International Trade and Industry (MITI) previously stated that it has suggest more EV deals will be included in Budget 2023, but we’ll have to wait until later to find out.
In addition to auto-related issues, we’ll also look at public transport and infrastructure news. Live updates will be posted here, so stay tuned. What do you hope for in this year’s Budget?
