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Thursday, 09 November 2017 - 18:51
Budget support for electric vehicles
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The 2018 Budget has proposed that all vehicles in the country be powered by non-fossil fuel sources by 2040.
 
To this end, all Government vehicles will be converted to hybrid or electric vehicles by 2025, the Finance Minister said.
 
To promote the electric vehicles an appropriate incentive structure will be introduced.
 
As such, the taxes on the importation of electric vehicles including electric three-wheelers, cars, and buses will be reduced while rationalizing the import taxes on vehicles powered by fossil fuel.
 
The new formula for import taxes will be based on the engine capacity which will minimize the revenue leakages.
 
*Import taxes on an electric car will be reduced by at least Rs. 1 million while the import tax on the high-end fossil fueled cars will be increased by almost Rs. 2.5 million.
 
A special tax will be imposed on super luxury vehicles with an engine capacity exceeding 2,500cc.
 
Import taxes on a diesel three-wheeler will be increased by around Rs. 50,000 in order to encourage the transition into environmentally friendly electric three-wheelers.
 
Loan to value ratio for the electric buses and three-wheelers will be revised to 90/10. 
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