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Friday, October 2, 2020

Government of Nepal reduces excise duty on Electric Vehicles

Nepal New Energy Vehicle Association (NEVA) has welcomed the move of the Council of Ministers to reduce the excise duty on electric vehicles and has thanked the Government of Nepal.
NEVA thanked all those who helped in this work and also requested to further reduce the existing tariff rate.

The decision was taken at yesterday’s meeting of the Council of Ministers. These rates have been reduced as per the EVs capacity. According to sources, low-capacity EVs have been reduced by a large percentage, while high-capacity EVs have been reduced by a small percentage.

The excise duty on electric vehicles was 40% the current fiscal year and 30% to 80% depending on the capacity. As per the decision on Thursday, an 80% discount has been given to vehicles using up to 50 kW with 30% excise duty. Hence the government has fixed the excise duty on electric vehicles according to different capacities. Similarly, it has been decided to give 75% exemption on excise duty on 51 -100 kW motor vehicles and 70% excise duty on 101 – 150 kW capacity vehicles.

Former Finance Minister Dr. Yuvaraj Khatiwada previously decided to increase the excise duty from 10 % to 40 % and the excise duty was fixed at a higher rate. The decision to raise taxes was widely opposed by the nation. In relation to that huge number of EVs were stuck at the customs. And finally, now the government has fixed 80% customs duty and has given a 50 % discount.

Here’s the current excised tax rates:

Battery Capacity

Previous Excise Duty

New Excise Duty

50 KW

30 %

6 %

50-100 KW

40 %

10 %

100-150 KW

50 %

15 %

150-200 KW

60 %

45 %

200-300 KW

70 %

52.2 %

Above 300 KW

80 %

60 %

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