SINGAPORE: A program to encourage more people to use electric vehicles ( EVs ) in Singapore will run for an additional two years through the end of 2025, but with lower rebates in the following year.
Those who purchase fully electric cars and taxis are eligible for a rebate of up to 45 % on the Additional Registration Fee( ARF ) under the EV Early Adoption Incentive, which began in 2021 and is expected to last until December 31, 2023, nbsp. & nbsp,
The return is now limited to S$ 20, 000 ( US$ 14, 600 ).
The Land Transport Authority ( LTA ) and the National Environment Agency ( NEA ) & nbsp announced on Thursday( Sep 21 ) that owners of fully-electric vehicles and taxis will receive a rebate of 45 % off the ARF in 2024, up from the revised cap of S$ 15, 000.
A portion of a car’s open market price, or the price of an imported auto into Singapore, is used to calculate the ARF tax, which must be paid at the time of vehicle registration.
According to LTA and NEA, buyers of the majority of large market electronic car models won’t notice a change in the amount they receive.
” While ensuring that the EV Early Adoption Incentive remains progressive ,” the move will” encourage people to switch to electric cars.”
Additionally, the rebate for cleaner energy vehicles under the Vehicular Emissions Scheme ( VES ) of the NEA will be modified. & nbsp,
The VES aims to promote the use of cleaner vehicles with lower coal, hydrocarbon, carbon monoxide, nitrogen oxide, and particulate matter emissions.
Buyers of newly registered vehicles and taxis may pay a surcharge based on the VES band of the vehicle or taxi or receive an ARF rebate up to the maximum amount paid, where applicable.
The VES Band A1 car return will continue to be S$ 25, 000 in 2024. This will also qualify to Batteries and other vehicles with zero tailpipe emissions.
The VES Band A2 car return will be reduced from the latest Mho$ 15, 000 to S$ 5, 000 the following month. This will have an effect on smaller, more effective genuine internal combustion engine vehicles as well as EVs with high power consumption, the majority of variants, and & nbsp.
According to LTA and NEA, the updated VES rebates promote the use of cleaner energy vehicles, particularly electrical and other vehicles with no tailpipe emissions.
Customers may receive combined cost saving of up to Mho$ 40, 000 off the ARF once the revised rebates go into effect in 2024.
According to the authorities, the majority of large market electronic car models will receive the same rebates as they do now.