Malaysia Explores Tax on Electric Vehicle Sales to Fund Charging Station Expansion

Deep News
Aug 04

Malaysia is considering implementing a tax on electric vehicle (EV) sales as a strategy to finance the expansion of its public charging network, according to Investment, Trade and Industry Minister Tengku Zafrul Aziz on Tuesday.

He stated that the government can no longer rely on EV manufacturers or dealers to invest in building public charging stations. A potential solution involves taxing each electric vehicle sold and channeling the proceeds into a dedicated fund specifically for constructing public charging infrastructure.

As of May 31, Malaysia had a total of 6,416 public charging points. Tengku Zafrul Aziz also noted that to attract electric vehicle manufacturers, Malaysia has foregone 3.3 billion ringgit ($806 million) in tax revenue over the past four years.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10