Electric Vehicle Industry Development Act offers tax incentives
June 10, 2022
Republic Act No. 11697, or An Act Providing for the Development of the Electric Vehicle Industry (EVIDA Law), became effective on 15 April 2022. The EVIDA Law outlines the regulatory framework and creates a comprehensive roadmap for the operation of electric vehicles (EVs) in the Philippines. It governs "the manufacture, assembly, importation, construction, installation, maintenance, trade and utilization, research and development, and regulation of electric vehicles".
The EVIDA Law is a timely response to counter increasing fuel prices and reduce the country's dependence on fossil fuels. In this regard, there are currently 28 companies in the Philippines engaged in the manufacturing of EVs. Complementing these companies are 11 parts and component manufacturers, and seven importers. The EVIDA Law is expected to encourage growth for this industry, further attract high-tech investments and stay current with the ongoing global shift to EVs.
This article provides an overview of the tax incentives that this new law provides for manufacturers and importers of EVs, and their parts and components.
Read the rest of the article on the Lexology site here.
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