An official of the Department of Energy (DOE) is hopeful that the ad valorem tax on electric vehicles (EVs) will go down to zero by the end of the year. Know more:
An official of the Department of Energy is hopeful that the ad valorem tax on electric vehicles will go down to zero by the end of the year.
DOE’s Director for Energy Utilization Management Bureau Patrick Aquino said the petition to cut the ad valorem tax on EVs is currently pending before the Committee on Tariff and Related Matters . “The zero percent ad valorem is expected to be released within the year. So you can expect that zero ad valorem from 30 percent or 5 percent, irrespective of country of origin, to zero hopefully before the end of the year,” Aquino said, adding that this ad valorem component will be effective for “7 or 8 years regardless of the country of origin.”
He said an Executive order will be issued by the President once the CTRM approves the petition to reduce the ad valorem tax on EVs. Meanwhile, Electric Vehicle Association of the Philippines President Edmund Araga said the industry will fulfill the policy objectives of the Electric Vehicle Industry Development Act or Republic Act 11697. The law took effect on May 11 while its implementing rules and regulations took effect on September 20.
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