The Legislative Yuan yesterday passed the third reading of amendments to the Commodity Tax Act (貨物稅條例) that extend tax incentives to encourage people to replace their old vehicles and purchase new ones.
The amendment to Article 12-5 of the act extends the NT$50,000 tax deduction on replacing old vehicles, including sedans, mini trucks and light passenger-cargo dual-purpose cars — such as pickups — to purchase new ones from Jan. 1 next year to Dec. 31, 2030.
A NT$4,000 tax deduction for replacing old motorcycles with new ones has also been extended to 2030.
Photo: Tsai Yun-jung, Taipei Times
The amendments also offer a NT$50,000 deduction on purchases of new passenger sedans that have an engine displacement of 2,000cc or less, and NT$2,000 on purchases of new 150cc motorcycles.
That means a vehicle owner who scraps his vehicle and buys a new 2,000cc or smaller passenger sedan would enjoy the existing NT$50,000 tax deduction on top of the NT$50,000 deduction approved in the new amendment.
During a legislative committee review of the proposed amendment on Thursday last week, Deputy Minister of Economic Affairs Ho Chin-tsang (何晉滄) told lawmakers the expanded tax deduction is expected to help first-time buyers, with local automakers looking forward to swift passage of the bill.
Minister of Finance Chuang Tsui-yun (莊翠雲) told lawmakers that the bill meets public expectations and would encourage purchases of more energy-efficient vehicles.
The commodity tax is a major cost in buying a new vehicle in Taiwan, whether it is domestically manufactured or imported, with the tax rates for passenger sedans set at 25 to 30 percent.
The number of electric vehicles sold in Taiwan rose from 1 percent of all new registered cars in 2020 to 7.7 percent of the total of 35,406 vehicles last year, thanks to the commodity tax exemption over the past decade, the Ministry of Finance said in a statement on Thursday last week.
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