Financial incentive for new electric vehicles
Transport Malta has recently announced a new financial incentive vis-à-vis the purchase of new electric vehicles.
This incentive is intended to promote the use of new electric vehicles in Category L, M and N and pedelecs, and is aimed at individuals residing in Malta; Local Councils; Voluntary organisations (including NGOs); as well as companies established in Malta. This incentive allows a mix and match of purchase of new electric vehicles and pedelecs, and replacement of old vehicles. The grant shall support the purchase of New passenger cars, Goods carrying vehicles, Minibuses, Coaches, Quadricycle, Motorcycles, and Pedelecs.
The grant includes a scrappage scheme intended to provide further financial support to applicants who, while purchasing and registering a new electric vehicle or pedelec, deregister a vehicle of any category which is older than 10 years from its year of manufacture. The budgeted funds for this scheme amount to €15,000,000.
The grant amount is dependent on a number of factors including the applicant and the type of vehicle being acquired.
Should you need any further information about this incentive or assistance in applying for this grant, please do not hesitate to contact us.
Would you like to know more?
Ruth Farrugia Tax Director Birkirkara
