Hong Kong's Financial Secretary, Paul Chan, is delivering the 2024-25 Budget at the Legislative Council today (Feb. 28).
Through its New Energy Transport Fund, the Government has been promoting trials of various new-energy public transport, including new-energy buses, while encouraging the industry to conduct trials on a variety of new-energy commercial transport, including electric-goods vehicles and electric coaches, according to Chan.
Chan said that the Government has been encouraging a wider use of electric vehicles, adding that the first registration tax (FRT) concessions for electric vehicles, due to terminate at the end of March, will be extended for two years. Nevertheless, given the price reduction of electric vehicles and increasing availability of vehicle options, we will reduce the concessions by 40 percent. Specifically, the maximum FRT concession for electric private cars (e‑PCs), granted under the "One‑for‑One Replacement" Scheme, will be adjusted to HK$172,500, whereas the concession ceiling for general e‑PCs will be lowered to HK$58,500. At the same time, e‑PCs valued at over HK$500,000 before tax will not be entitled to concessions under the "affordable users pay" principle, he said.
He also noted that as for other types of electric vehicles, including electric commercial vehicles, electric motorcycles and electric motor tricycles, the FRT will continue to be waived in full over the next two years. The Environment and Ecology Bureau will announce details in due course.
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