S’pore To Set Aside $30M For EV-Related Initiatives

As part of the Singapore 2030 inter-ministerial green plan announced on Wednesday February 10, the government said it would “make it easier to buy and own” electric vehicles (EVs).

The government also underscored its intention to expand EV charging infrastructure to 60,000 by the end of 2030. This is double its original target of 28,000.

In his 2021 budget speech today (February 16), Deputy Prime Minister Heng Swee Keat announced that S $ 30 million will be set aside over the next five years for initiatives related to electric vehicles.

Since the 2020 budget, steps have been taken to promote the use of EVs.

For example, an early adoption incentive program was put in place for electric vehicle buyers from 2021 to 2023, offering a 45% discount on the ARF, capped at $ 20,000 per vehicle.

Today, Heng announced that the floor on additional registration fees (ARF) will be lowered to zero for electric cars from January 2022 to December 2023.

This is to reduce the cost differential between electric cars and cars with internal combustion engines.

ARF is paid when a vehicle is registered and the rate is determined by the open market value of the vehicle.

Gasoline duty to increase

increased fuel tax
Image Credit: bunyarit via Shutterstock

The gasoline tax will be increased with immediate effect, Heng said.

For premium gasoline, the duty will be increased by 15 cents per liter and for intermediate gasoline, the duty will be increased by 10 cents per liter.

Highlighted Image Credit: Motorist.sg

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