Government to provide incentives to EVs under Auto Industry Development and Export Policy

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Government to provide incentives to EVs under Auto Industry Development and Export Policy

Dec 23. 2021:  A draft document, released by the Engineering Development Board of Ministry of Industries and Production, highlighted that custom duty on specific parts of the electric vehicles has been fixed at 1%.

The government on Wednesday decided to provide incentives to electric vehicles (EVs) under the Auto Industry Development and Export Policy (AIDEP 2021-26).

According to a report by Geo News, as per the document, the policy aims to promote small cars, localization, incentives to introduce new products in tractors and motorcycles, consumer protection, and new technologies to target export markets in promoting EVs and hybrids. The draft released by the Engineering Development Board of the Ministry of Industry and Production has highlighted that the customs duty on certain parts of electric vehicles has been fixed at 1%.

The auto policy also allowed hybrid manufacturing in policy as sales tax has been reduced to 8.5%. According to the draft, customs duty on specific parts for hybrid EV and plug-in hybrid EV to attract 4% and 3%, respectively.

The board has also decided to reduce regulatory duty on CBU import of hybrids (15% for above 1,800cc, 0% for 1,800cc and below).

The policy draft also highlighted that imports of vehicles will not be allowed if they do not meet safety standards.

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