In June 2022, the National Electric Vehicle Policy Committee was established to examine the effectiveness of current state agencies that oversee the development of the electric vehicle (EV) sector and approve new action plans.
The Committee will implement measures to promote the use of EVs. These measures include reducing or removing import duties, lowering tax tariffs, and granting subsidies to eligible parties. The Committee’s goals are to develop the domestic EV industry to create a high efficiency, high yield sector.
The Excise Department will have the power to approve subsidies for eligible applicants. The Department will work alongside the Ministry of Finance to secure a budget for the implementation of these measures. The Ministry of Finance, Bureau of the Budget, and Office of The National Economic and Social Development Board will jointly set the tax on EVs as well as report the starting retail price. The goal of this work is to promote efficient and effective tax collection.
The Excise Department will be solely responsible for creating the procedures by which the recommended retail prices will be reported. Manufacturers are required to report retail prices on Battery Electric Vehicles (BEV), including sedans, trucks, motorcycles, and passenger vehicles with a maximum of ten seats. The prices shall be sent to the Excise Department no less than 15 days before the BEVs leave the industrial plant or warehouse or before filing tax returns.