Prime Minister Dato’ Seri Anwar Ibrahim has tabled the Budget 2025 in the Parliament today (October 18).
The government has updated the EV tax incentives to encourage people to switch to locally made CKD electric vehicles (EVs). Right now, PERODUA plans to make EVs that cost less than RM100,000 to meet the people’s needs.
The incentive for using CKD electric motorcycles will still be available, offering up to RM2,400, with a budget of RM10 million.
To help promote a circular economy, the government plans to:
- Keep the tax deductions for donations or sponsorships for Smart AI-Driven Reverse Vending Machines until the end of 2026.
- Expand the tax breaks for buying electric vehicle chargers to also include food waste composters for home use until the assessment year 2027.
By 2026, the government will introduce a Carbon Tax for the iron and steel industries, as well as the energy sector in Malaysia. This tax is meant to encourage the use of low-carbon technologies. The money collected from this tax will be used to support research and green technology projects.
Stay tuned for more updates!
