Those who have yet to decide on making their new car purchase will have just another 4 months before the special incentive announced by the government ends.
Finance Minister, Tengku Zafrul said under Budget 2022 the government had extended the car sales tax incentive exemption period until June 30, 2022, to encourage car ownership which will indirectly stimulate local economic growth and drive the development momentum of the automotive sector.
Consumers can continue to enjoy the exemption which is a 100 per cent sales tax exemption on locally assembled passenger cars (CKD) like Proton, Perodua, Toyota, Honda and the likes.
While sales tax exemption of 50 per cent is given to foreign assembled passenger vehicles (CBUs) including MPVs and SUVs, including new imported CBUs and used imported CBUs.
The incentives had driven car sales figures to pre-pandemic levels for some of the manufacturers, who have since regained much of the losses suffered during the prolonged lockdowns.
With just 4 months left on the special exemption, the Minister urges the public to take advantage of the benefits as this one of privilege will no longer be extended.