At the tabling of Budget 2024, the government announced extensions to the (up to) RM2,500 tax relief for costs related to EV charging. On top of that, the tax deduction on renting EVs by companies – amounting to no more than RM300,000 – has also been extended.
The RM2,500 tax relief for EV charging was set to end on 2023, while the tax deduction on EV rentals is ongoing until 2025. The government has extended these two initiatives by four and two years respectively, so both benefits will now be applicable until 2027.
Beyond that, the government also announced a special scheme to encourage the adoption of electric bikes. Malaysians with annual income of RM120,000 and below will be eligible to enjoy up to RM2,400 rebate on the purchase of an electric bike. That’s quite encouraging, though the specific mechanism for the scheme has not been revealed yet.
Also announced at Budget 2024 is over RM170 million worth of investments by Tesla, Gentari, and TNB to install 180 EV chargers throughout Malaysia. This should make it easier for EV owners to charge up their vehicles locally in the near future.