EV Market Set to Boom As Govt Rolls Out New Incentives

The government is set to roll out two new electric incentives to spur EV sales growth.

Moh. Fatkhul Maskur

27 Feb 2024 - 20.24
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EV Market Set to Boom As Govt Rolls Out New Incentives

Illustration - A resident charged an electric car at the Public Electric Vehicle Charging Station, Jakarta on Wednesday (4/5/2023)./Bisnis/JIBI-Abdurachman.

Bisnis, JAKARTA — The government is set to roll out two new incentives for electric vehicles (EVs), including electric cars and buses, to spur EV sales growth.

These new fiscal incentives include a value-added tax (VAT) discount and a luxury goods sales tax exemption. Notably, these incentives apply not only to locally assembled products but also to imported vehicles.

The VAT discount is regulated by Minister of Finance Regulation No. 8 of 2024 concerning Value Added Tax on the Delivery of Certain Four-Wheeled Battery-Based Electric Motor Vehicles and Certain Battery-Based Electric Motor Bus Vehicles Borne by the Government in the 2024 Fiscal Year.

Meanwhile, the exemption from luxury goods sales tax is regulated by Minister of Finance Regulation No. 9 of 2024 concerning Sales Tax on Luxury Goods on Imports and/or Deliveries of Taxable Goods Classified as Luxury Goods in the Form of Certain Four-Wheeled Battery-Based Electric Motor Vehicles Borne by the Government in the 2024 Fiscal Year. Both regulations went into effect on February 15, 2024.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.