Amendment to Import Duty Tariffs for BEVs to Promote Transition to Electric Vehicles

• MOF issued Regulation Number IO of 2024 amending MOF Regulation Number 26 of 2022
• PMK-IO aims to encourage transition from fossil fuels to electricity, attract investment, and increase domestic production of BEVs
• Import duty incentives provided for four-wheeled CBU BEVs and CKD BEVs
• Import duty tariff of 0% granted for BEVs with specific HS codes until 31 December 2025
• Importers must provide import declaration attached with letter of approval from MOI to enjoy the 0% tariff
• PMK-IO has been in effect since 15 February 2024.

Source: www2.deloitte.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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