Amendments to commodity and license laws for electric vehicles (EV) that extend an exemption of taxes for an additional five years cleared the Legislative Yuan yesterday.
With exemptions of commodity and vehicle license taxes for purchases of EVs launched in January 2022 set to expire at the end of this month, the legislature passed the amendments without objections to extend the preferential status to Dec. 31, 2030.
Amendments to the Commodity Tax Act (貨物稅條例) would extend the exemption of the commodity tax for EV purchases, but continue to limit it to a taxable value of NT$1.4 million (US$44,433) per EV, with amounts in excess of the limit not receiving tax-free status.
Photo: Taipei Times
Amendments to the Vehicle License Tax Act (使用牌照稅法) would extend the exemption of the license tax for five years.
The exemptions of the commodity tax and the vehicle license tax for EVs took effect in January 2011 and January 2012 respectively, and they have been extended several times, the Ministry of Finance said.
As of the end of last month, the exemption of the EV commodity tax has cost the treasury a cumulative NT$28.9 billion, while the exemption of the EV vehicle license tax has cost the government a cumulative NT$9.2 billion, the ministry said.
There was a consensus among ruling and opposition lawmakers to support extending the tax exemption before the amendments were passed yesterday, it said.
The exemptions would give consumers incentives to buy low-pollution vehicles and help boost the penetration of EVs in the local vehicle market, benefiting the environment and living standards, it added.
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