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Hybrid Car Duty Exemption Extended Until 2013
05 March 2012 - In Budget 2011, the government introduced FULL import duty and excise duty exemption for hybrid and electric cars and motorcycles. This policy that has been extended until 2013, is expected to drive hybrid vehicle sales to record highs this year, according to analysts and industry observers.
Previously, it was 100% import duty exemption and 50% excise duty exemption, Budget 2011 made it 100% exemption for BOTH import duty and excise duty. The deal, for hybrid cars with 2.0 litre engines and below, was supposed to expire on Dec 31, 2011.
This has led to huge growth in sales for hybrid models such as the Honda Insight and Toyota Prius, while Lexus took advantage of this incentive to bring in the CT 200h hatchback at an attractive price. Honda Malaysia and UMW Toyota will be happy with today’s announcement and can plan ahead from now, bringing in more of the hybrids.