PETALING JAYA: There will be no increase for on-the-road (OTR) price of locally assembled vehicles this year arising from the transparent reporting of the open market value (OMV).
“There will be a 100% exemption on the increase of OTR price for a year until Dec 31, 2020. This is for models that have been impacted due to the transparent methodology of how the OMV is calculated, as outlined in the Customs Gazette PU A (402) dated Dec 31, 2019,“ Malaysian Automotive Association president Datuk Aishah Ahmad announced this morning after receiving word from the Finance Ministry (MoF).
She added that any increase in OTR prices would be fully absorbed or exempted by the MoF for this year and the difference in duties for past years will also be exempted by the MoF.
Further consultations will be done by Customs and MoF with the industry players during the year to determine the transparent reporting of the OMV after 2020.
This was in response to reports that locally-assembled cars could cost more this year as a result of a potential restructuring of excise duty rates by the government.
source https://www.thesundaily.my/business/no-price-hike-for-locally-assembled-cars-in-2020-BG1923663
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