This incentive, costing some $71 million, will be introduced between Jan 1, 2021 and Jan 31, 2023, and will have the effect of lowering up- front costs of an electric car by 11%.
Singapore (Feb 21): There were plenty of immediate buffers but Budget 2020 has also mapped out longer term policy goals for dealing with climate change.
Come 2040, all vehicles with internal combustion engines, or simply those that run on petrol or diesel, are to be replaced by either electric vehicles (EVs) or hybrids. DPM Heng Swee Keat announced an EV Early Adoption Incentive (EEAI) incentivising people to buy fully electric cars and taxis through a rebate of up to 45% on the Additional Registration Fee. Rebates will be capped at $20,000 on these fees taxes levied during vehicle registration.
