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Sources Believe Suspension of 1st Registration Tax Concession Arrangement for E-PCs Won't Affect Policy Goals
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Hong Kong's latest Budget proposed that the first registration tax concession arrangement for electric private cars (e-PCs) will no longer be extended upon its expiry at the end of March this year. According to sources, the authorities believe that the "One-for-One Replacement" first registration tax concession should be suspended as market conditions have matured. Back in 2017, the authorities started adjusting the concession rate, and the concession ratio went down by about 40% in 2024. While the suspension may affect the short-term willingness of car owners to switch to e-PCs, sources stressed that switching to e-PCs has become an irreversible trend. With seven out of every ten newly registered private cars being electric now, the suspension will not hinder progress toward the policy goal of promoting e-PC adoption. AAStocks Financial News |
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