Budget 2022: Electric car buyers get full tax exemptions, RM450 million allocated for preservation of biodiversity

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Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz said the government wants to encourage people to buy these vehicles and their long-term plan is to make Malaysia carbon neutral by 2050. — Picture by Hari Anggara
Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz said the government wants to encourage people to buy these vehicles and their long-term plan is to make Malaysia carbon neutral by 2050. — Picture by Hari Anggara

KUALA LUMPUR, Oct 29 — Electric car enthusiasts or those wishing to buy one will now get tax exemption as part of Budget 2022 incentives.

Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz said the government wants to encourage people to buy these vehicles and their long-term plan is to make Malaysia carbon neutral by 2050.

“These are energy-efficient vehicles meant to reduce gas emissions hence to aid the local industry we want to give them exemptions from import, excise and road taxes. These are 100 per cent tax exemptions.

“In addition, individual tax exemption of RM2500 will also be given to those who purchased, rent or have been paying to charge the vehicle while it’s being docked,” he said during the tabling of Budget 2022 in Parliament today.

Apart from that, under Bursa Malaysia, a Voluntary Carbon Market (VCM) programme has been launched to encourage sustainable practices.

Tengku Zafrul said it’s a voluntary scheme and was aimed at reducing carbon emissions. RM1 billion has been allocated for this programme.

“The government is also allocating RM70 million a year for all states for their Ecological Fiscal Transfer programmes for the preservation of biodiversity,” he added.

“These include the preservation and upkeep of the Penang Hill Biosphere Reserve, Tasik Chini Reserve, efforts to relieve the erosion in Pantai Merdeka Kedah as well as to alleviate the floods in Melaka,” he said.

Apart from that Putrajaya has hired an additional 1,000 biodiversity staff from among the local community, army veterans and Orang Asli to preserve the natural biodiversity in their area.

There are also plans to plant 100 million trees in five years.

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