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Budget 2021/22: Excise Duties On EVs Finally Removed!
Budget 2021/22: Excise Duties On EVs Finally Removed!
Team Nepal Drives
May 29, 2021
May 29, 2021
Nepal-Budget2021-22-Electric-Cars-Featured-Image
Hon. Finance Minister Bishnu Prasad Poudel has informed that the excise duty on electric vehicles has been completely waived in the budget of the Fiscal Year 2078/79 BS - a much-needed relief to consumers and businesses who are planning to go electric. The government has also revised the custom duties for EVs. Earlier, customs duty was levied at 1 percent on public transport and 10 percent on private vehicles.According to the earlier budget presented by Dr. Yubaraj Khatiwada, the excise duty on electric cars was raised to 40-80% depending upon their peak power. Electric cars with peak power ranging between 50-100kW bore an excise duty of 40%, 50% if it's between 100-150kW and 60% for 150-200kW. And, to make matters worse, the government slapped an extra 80% customs duty with 50% reimbursement. This was further subjected to 13% VAT and a 5% road toll.
Although the dealers are yet to take their call on the new pricing, it is assumed that the prices will see a phenomenal decrease from the current pricing
.
Also Read:
Budget 2021/22: Government Reduces Customs Duty On EVs
Published Date: 2021-05-29 19:06:48
#EV
#electric
#EV tax
#Budget 2021/22
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