Cimex Inc. Pvt. Ltd. is really thankful to the Finance Ministry for revising the taxation on Electric Vehicle. This revision shows the government’s effort on electrification of the automotive sector and supporting the growth of electric cars. The news of tax revision on electric vehicle comes as a boon to the promoters of Electric Mobility in Nepal. The growing adoption of electric vehicle had been halted by the shocking decision to increase the taxation by 40-80% during the budget announcement for FY 2077/78 by the then Finance minister Dr. Yubaraj Khatiwada. After widespread criticism, the Cabinet meeting decided to reduce the taxes by between 25 to 80% depending on the capacity of the vehicles, although the VAT and excise tax were retained.
The budget announced on 29th May, 2021 by Hon. Finance Minister Bishnu Prasad Poudel for FY 2078/79, has waived off the excise duty completely on Electric Vehicle. The breakdown of custom duty on Electric Vehicle is as follow:
|Peak Power||Custom Duty (Budget FY 2078/79)|
|300 kW & above||40%|
This significant reduction along with commitment to developing the infrastructure for Electric Mobility will definitely do justice to thousands of people who wanted to adopt electric vehicle and were taken aback by the increased taxation on EV during the budget announcement of FY 2077/78. The government has also envisioned to replace the passenger segment ICE vehicle with electric vehicle by 2088.
It was also announced that owners who will convert their Internal Combustion Engine (ICE) vehicle to Electric Vehicle (EV) will also receive incentives. Cimex Inc. has been working on EV conversion for over a year and pledges to do its best to use BYD’s experience and resources to facilitate the vehicle conversion, supply of batteries, powertrain component along with training in Nepal.
In response to the reduction on electric vehicle taxation, we here at Cimex Inc. consider it a milestone for Electric Mobility movement. We believe that continuing on this path would afford our country a positive legacy in the global arena and the opportunity to break new ground with the use of this innovative technology and its ecosystem. Cimex Inc. has been working for past five years in developing the necessary infrastructure to promote electric mobility in Nepal and operates the Largest Electric Vehicle (EV) Charging Network in Nepal. We have already installed 23 units of BYD 40kW AC Fast chargers across Nepal and planning to expand the network. The government has also made a significant effort by awarding the tender for 50 Fast chargers to be installed across Nepal.
BYD, which stands for Build Your Dreams, is the world’s leading electric vehicle company with proven innovative technology for cars, buses, trucks, forklifts, and rail systems – like SkyRail. BYD is dedicated to creating a truly zero-emission ecosystem offering technology for solar electricity generation, energy storage to save that electricity, and battery-electric vehicles powered by that clean energy. BYD is the only Chinese automobile maker backed by Warren Buffett and has 220,000 employees across the globe. BYD is the Global Sales Champion in Electric Vehicle for four consecutive years from 2015 to 2018. BYD is the World’s Largest Electric Bus manufacturer in the world and has delivered the World’s Largest Electric Bus Fleet in the world. BYD has been helping the community during this unprecedented times and provided masks worldwide by setting up the World’s Largest Face Mask Plant with daily capacity of 5 million face masks. Read More
Cimex successfully managed to get the dealership of world leading electric vehicle maker BYD in Nepal. Being the authorized distributor of BYD in Nepal, Cimex introduced electric vehicle in Nepal with the aim to bring green revolution in automobile sector of Nepal. Electric vehicles in Nepal could be a solution to ever-growing environmental problem and with the electricity generation potential, Cimex Inc aims to capitalize the opportunity and maneuver the country toward green revolution via electric mobility. BYD has been the global sales champion for 4 consecutive years from 2015 to 2018. Cimex offers wide choice of electric vehicle in Nepal ranging from electric SUVs, MPVs, Forklifts, eBus in Nepal. Along with this Cimex also provides electric mobility solution- EV charger, after-sales service, charging infrastructure network. Cimex is also the Largest Charging Station Operator in Nepal. Read More