The Cabinet on Thursday approved a draft amendment to the Vehicle License Tax Act (使用牌照稅法) that would extend a tax exemption for electric vehicles (EVs) for four years until the end of 2025.
Article 5 of the act stipulates that municipal, county or city governments can exempt electric vehicles from the tax until Dec. 31.
The amendment would extend that exemption until Dec. 31, 2025, the Ministry of Finance said in a statement.
Photo courtesy of the Taipei Departmentof Economic Development
The ministry said it proposed the revisions extending the exemption to encourage the use of low-emission electric-powered vehicles, foster the development of the EV industry and create a sustainable environment.
The four-year extension would cut into government revenue by about NT$3 billion (US$107.6 million), Minister of Finance Su Jain-rong (蘇建榮) said after a regular Cabinet meeting.
The Cabinet also approved a proposed amendment that would remove a provision from the act that penalized vehicle owners who did not pay the tax on time.
The provision stipulates that a 1 percent surcharge would be added to the tax every two days if an owner failed to pay before the deadline, while those in arrears for 30 days or more would be referred to a court for compulsory enforcement.
Under the proposed rules, tax offices would oversee collection of the vehicle license tax.
The bill has been submitted to the Legislative Yuan for review, the ministry said.
The ministry also submitted a proposed draft amendment to the Commodity Tax Act (貨物稅條例) to the Cabinet for approval, Su said.
The amendment would similarly extend a commodity tax exemption for electric vehicles and motorcycles, which expires on Dec. 31 this year, for another four years until the end of 2025.
The exemption applies to electric motorcycles and vehicles valued at less than NT$1.4 million.
The exemption extensions are expected to boost the production value of electric vehicles and motorcycles by nearly NT$77.5 billion, generate NT$33.2 billion in value for the service industry, create 25,000 jobs and increase the total number of electric vehicles on the roads to 337,000 over the next four years, Su said.
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