"No warning can save people determined to grow suddently rich" - Lord Overstone

  • 16 hours U.S. Money Market Funds Post Highest Outflows Since 2011
  • 17 hours Hedge Funds Turn Bearish On The Australian Dollar
  • 18 hours Tech Unicorns Are Taking Over European Stock Markets
  • 19 hours Trump Orders “Space Force” With Zero Support
  • 21 hours How Long Will The Gold Rout Last?
  • 23 hours The Wild Card In The New Eurozone Budget Agreement
  • 2 days Why Investors Must Look At Small-Cap Stocks
  • 2 days Banking Major Pays $42M For Misleading Customers
  • 2 days Rookie Daytrader Accidentally Makes $10 Million Profit
  • 2 days Flying Cars Are No Longer Science Fiction
  • 2 days The Internet Fights Back As EU's Controversial Copyright Bill Passes
  • 2 days Is Gold Preparing For A Reversal?
  • 2 days Tech Giants Under Fire For Facial Recognition
  • 3 days 4 Reasons Why Gold Investors Should Keep A Cool Head
  • 3 days Hackers Lift $30 Million In Crypto From South Korean Exchange
  • 3 days Tax Reform Could Push U.S. Profits Abroad
  • 3 days Pot Stocks Soar As Canada Legalizes Cannabis
  • 3 days How Chinese Investors Could Send The Tech Boom Into Overdrive
  • 3 days U.S. Market Growth Weighs On The Global Economy
  • 3 days The Trials And Tribulations Of A $4 Billion Blockchain
Solar Boom Unfazed By New Tariffs

Solar Boom Unfazed By New Tariffs

Despite the implementation of tariffs…

Banks Spent $1.7B On Blockchain Last Year

Banks Spent $1.7B On Blockchain Last Year

Though the finance industry has…

Samsung Commits To 100% Renewable Energy

Samsung Commits To 100% Renewable Energy

Samsung, one of the world’s…

Oilprice.com

Oilprice.com

Information/Articles and Prices on a wide range of commodities: We have assembled a team of experienced writers to provide you with information on Crude Oil,…

More Info

Hong Kong Makes Buying EVs More Attractive

HK

Hong Kong is introducing a new tax benefit for residents buying an electric car that would make EVs cheaper, as it tries to encourage battery-powered cars usage and at the same time ease some of the heavy traffic on its roads.

Under the 2018-2019 budget unveiled on Wednesday, Hong Kong is introducing a new ‘One-for-One Replacement’ Scheme starting today and running until March 31, 2021. Under the new initiative, private car owners who want to scrap and deregister their eligible old vehicle—either a car with an internal combustion engine or an EV—will get a waiver of up to 250,000 Hong Kong dollars from the first registration tax (FRT) on the new EV.

Hong Kong will also keep an existing waiver of up to 97,500 Hong Kong dollars from April 1, 2018, to March 31, 2021, for the first registration tax.

Hong Kong will continue to waive in full the first registration tax on all other types of EVs—electric commercial vehicles, electric motorcycles, and electric motor tricycles—from April 1, 2018, to March 31, 2021.

“As for e-PCs [electric private cars], on one hand, the Government has to control the growth of PCs to prevent aggravating traffic congestion and roadside air pollution, and on the other hand it also hopes to encourage car owners to go for electric vehicles as far as possible when purchasing PCs,” a spokesman for Hong Kong’s Environment Bureau (ENB) said in today’s statement on the EVs tax benefits. Related: The Morning After: Dow Starts To Regain Post-Powell Losses

Last year, Hong Kong’s government was criticized—including by Tesla—for stifling the growth of EV sales after it scrapped a tax exemption on electric cars in order to fight traffic congestion. The tax on EVs was expected to raise car prices by at least 50 percent.

Earlier this month, Mark Webb-Johnson, chairman at Charged Hong Kong, a local group supporting the adoption of EVs, sent an open letter to the Chief Executive of the Hong Kong administrative region, Carrie Lam, in which he criticized last year’s capping of the EV tax incentives and said that EV sales plunged by 95 percent in 2017 compared to 2016, while overall private car growth was 4 percent.

“Buyers have simply switched back to buying polluting petrol and diesel vehicles,” Webb-Johnson said, and urged the administration to “follow the lead set by other countries around the world and set a clear date by which no new petrol/diesel vehicles will be registered.”

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment