SINGAPORE - Buyers of commercial vehicles will get smaller tax rebates when switching to electric models from April 1, 2023, under a revisedThe incentive for electric commercial vehicles in Band A will be reduced from $30,000 now to $15,000, said the authorities on Tuesday when announcing a two-year extension of the scheme till March 31, 2025.
The Straits Times had in August reported on the proposed CVES changes, which included reducing the rebate in Band A to $10,000, replacing the Band B rebate with a neutral band with neither a rebate nor surcharge, and retaining the $10,000 surcharge in Band C. Only electric models with a carbon dioxide emission of no more than 123g/km will qualify for Band A, down from 150g/km currently.
NEA and LTA said the Early Turnover Scheme , which incentivises owners of older, more pollutive diesel commercial vehicles and buses to replace them, will also be extended till March 31, 2025. The discount to replace an older vehicle will be reduced in most instances under the updated ETS.