Every country around the world are doing their part by looking at ways to slow down global warming and one of the ways is to reduce combustion from vehicles.
If you always hoping to play a part in slowing down global warming, you can consider getting an Electric Vehicle (EV) then there is some good news for you.
At the recent Budget 2020, Singapore will make electric vehicles more attractive from next year onwards (2021) and also declared their target to phase out the internal combustion engine (ICE) vehicles by 2040.
In his Budget speech on Tuesday (18 Feb), Deputy Prime Minister Heng Swee Keat said that Singapore’s vision is to phase out ICE and have vehicles run on cleaner energy by 2040 which will be beneficial for both public health and climate change reasons.
The Vehicular Emissions Scheme that metes out tax rebates and surcharges based on a vehicle’s emission levels will be extended to light commercial vehicles. There will also be an incentive scheme for EV buyers from 2021 to 2023.
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.
Singapore will also expand the EV charging infrastructure significantly from 1,600 points now to 28,000 by 2030.
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.