Budget Proposal | Electric Vehicle Registration Tax Reduction Ends; Dealerships Report Constant Inquiries; Industry Expects Long-Term Price Decline
[Cable News] The “One-for-One” electric vehicle trade-in program has been adjusted again. Financial Secretary Paul Chan announced that the tax exemption for first-time registration of electric private cars will end at the end of March and will not be extended. The exemption for electric commercial vehicles and motorcycles will continue until the end of March 2028.
The exemption for private cars under the “One-for-One” electric vehicle trade-in program has ended. The budget announcement states that the program will not continue after its expiration at the end of next month, while the exemption for electric commercial vehicles and motorcycles will continue until the end of March 2028. Chan stated, “Electric vehicles are already quite competitive. After years of implementing the lenient ‘One-for-One’ arrangement, it all comes to an end at some point.”
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