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November 2, 2021

Malaysia extends vehicle tax cuts, introduces EV incentives

Tax exemptions on vehicles extended, credits to help EV buyers.

By Graeme Roberts

The Malaysian government announced it would extend the sales and services tax (SST) exemption for passenger vehicles sold in the country, which was due to expire at the end of 2021, by an additional six months to provide additional support to the automotive industry.

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The announcement was made by finance minister Tengku Datuk Seri Zafrul Abdul Aziz as he unveiled the 2022 national budget and followed strict lockdowns across most of the country in the third quarter of 2021 to help contain the spread of the Delta strain of the coronavirus.

Locally made passenger vehicles would enjoy full exemption from the SST until the end of June 2022 while imports would be given a 50% discount.

The government wants the local automotive industry to recover strongly from the pandemic and it has also struggled with the global shortage of semiconductors.

Vehicle sales in the first nine months of 2021 were down by over 7% at 318,874 units from 344,019 a year earlier, after a 12% decline to 529,434 units in 2020.

The minister also announced additional incentives for electric vehicles, including full exemption from import and excise duties and road usage taxes, and buyers would be given a tax credit of MYR2,500 (US$600).

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What does the future hold for the US electric vehicles market?

The US Electric Vehicles (EV) market has established itself as one to watch. Despite China maintaining the number one spot, the US holds significant standing as one of the major EV markets, with GlobalData’s whitepaper identifying a strong growth trajectory within the forecast period. This report further analyzes the trends, market drivers, and government incentives set to influence and facilitate the market.   This report also looks beyond the US and touches on environmental concerns set to drive the EV market worldwide.   Want to find out more? This report demonstrates GlobalData Explorer’s sector analysis capabilities, showing how you can:  
  • Get historical and forecast market sizing data, with country specific insight for 22+ of the world’s largest industries
  • Track sector dealmaking activity, to view aggregate volumes, specific deals and top investors for all major deal types in M&A, Capital Raising, and Partnerships
  • Analyze news from GlobalData Explorer’s News Database – enable screening and alerts by industry, company, geography and news sentiment for filtered insight
  • Identify and track the key disruptive trends that are keeping the top digital thought leaders talking through social media analytics
  Consult this report now to find out how you and your company can benefit from our Explorer platform.
by GlobalData
Enter your details here to receive your free Report.

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