Electrical Vehicles, Finance Ministry
New Budget Proposes Complete End to Electrical Vehicle Tax Breaks
In a sharp break from past policy, the Finance Ministry is now proposing an end to the reduced sales taxes on electrical vehicles and a significant reduction in subsidies for new charging stations.
The Finance Ministry's budget proposal for 2024 includes an end to the sales tax breaks for electrical vehicles compared to gas-powered ones, as well as an end to or reduction of government subsidy of new charging stations, according to a report by Globes.
According to the plan, the sales tax on electrical vehicles will rise from its current rate of 35% to 50% in 2025, 57% in 2026, and 65% in 2027, effectively equalizing with the sales tax paid for gas-powered cars.
The budget also includes an end to or reduction of government subsidy of new charging stations, although this decision will not affect existing stations.
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