The last year’s Budget reveal of 2077/78 by Dr. Yubraj Khatiwada had devastating impact upon the Electric Vehicle market as the government had raised the excise duty on Electric cars to 40-80 percent depending upon the machines peak power.
But this year’s budget reveal has changed the scenario with the government stating that it would formulate new policies to completely replace vehicles running on petroleum with the ones that run on electricity by 2088 BS.
Finance Minister Bishnu Prasad Poudel informed that this year’s budget had completely waived off the excise duty imposed on EVs the previous year. Also, the custom duties too had been revised. The prices of EVs are speculated to drop lower following the new amendments made by this year’s budget reveal.
Likewise, renewal taxes will also be waived for five years for those who want to convert their existing combustion engines to electric automobile. The Budget Speaker also stated that top EV brands will be invited to operate in the country.
Complete removal of petroleum based vehicles from the country will significantly lower the pollution level as vehicles will stop releasing combustion exhaust. The paramount electric potential of the nation will be put to good use.
Hopefully these decisions will have affirmative impacts across several socio-economic aspects of the country and will set the country in the path of renewable energy and sustainability.