Electric “Vehicles” Import Cabinet Approved

Several decisions were made at the cabinet meeting held yesterday (11) to encourage the local production and assembly of electric vehicles.

Accordingly, tax concessions are to be provided to investors who make a minimum investment of 50 million US dollars in the assembly industry of Electric Vehicles and plug-in hybrid vehicles.

Cabinet approval has been granted for the proposal submitted by the President to impose a zero customs duty (0%) on the CIF value when importing modern Semi-Knocked Down (SKD) kits for the assembly of electric vehicles with a power rating up to 500kw, electric two-wheelers, and plug-in hybrid electric vehicles with an engine capacity up to 3000cc.

Furthermore, cabinet approval has also been granted for the proposal to allow companies that meet the qualification criteria to import a new rechargeable electric vehicle, whose value including insurance and shipping costs does not exceed US$30,000, on a customs duty-free basis.