Are you planning to change your car to an electronic vehicle (EV)?
If the answer is yes, there is some great news for you.
Singapore had announced the goal to phase out the internal combustion engine vehicles (ICE) by 2040 and also plans to make electric vehicles more attractive from next year onwards (2021).
Singapore Target To Phase Out ICE vehicles by 2040
Deputy Prime Minister Heng Swee Keat mentioned that the vision to phase out ICE and have vehicles to run on cleaner energy is beneficial to both public health and climate change reasons during his Budget speech on Tuesday (18 Feb).
The current Vehicular Emissions Scheme that metes out tax rebates and surcharges based on a vehicle’s emission levels will be extended to light commercial vehicles.
Incentive Scheme For EV Buyers Rebates
There will be also an early-adoption incentive scheme that will be rolled out for EV buyers from 2021 to 2023 which will offer rebates that are capped at $20,000 per vehicle.
Besides that, the road tax for EVs and some hybrids will be revised to be less punitive.
Mr. Heng also mentioned that the Government will introduce a lump sum tax for EVs from 2021, starting at $100, then $200 in 2022, and $350 from 2023 onwards.
Singapore will also expand the EV charging infrastructure significantly from 1,600 points now to 28,000 by 2030.
You can read the full details on the electronic vehicle (EV) at https://www.straitstimes.com/singapore/transport/singapore-budget-2020-push-to-promote-evs-in-move-to-phase-out-petrol-and-diesel