If you have been fancying getting a new car all this while, and somehow missed all the tax break benefits for new vehicle owners, you have until the end of this month to get yourself a fancy new ride! The deadline for the sales tax exemption for passenger vehicle will remain on June 30, 2022, and thankfully, the vehicle registration period to enjoy the tax exemption incentive has been extended until March 31, 2023.
Based on a report by Berita Harian, Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz shared that the extension of the vehicle registration period was a mid-point solution to balance consumer interests and national tax revenue which needed to be increased post-pandemic.
This is to ensure that the people’s welfare and the economic well-being are preserved.
He added that with the opening of the economic sector, the automotive sector has returned to normal operations, but there were a number of demands that have yet to be met due to disruptions to the global supply chain.
At the same time, the whole world is allegedly facing the problem of a lack of semiconductor micro chips that are widely used across several industries including the automotive industry.
“Due to this problem, a total of 264,000 units of vehicles ordered during this exemption period have not been completed and cannot be supplied to buyers,”
“In this regard, to enable buyers to book vehicles until June 30, 2022 to continue enjoying this sales tax exemption incentive, we are pleased to inform that the vehicle registration period at the Road Transport Department (JPJ) has been extended until March 31, 2023,” he announced.
So far, a total of 868,422 vehicles have been sold and the people have benefited from sales tax exemptions amounting to RM4.7 billion.
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