He said the Excise (Determination of Value of Locally Manufactured Goods for the Purpose of Levying Excise Duty) Regulations 2019 apply to all locally manufactured goods and are not limited to vehicles. “The impact on vehicle prices will be minimal. Sim said that previously, the government had provided a five-year exemption, up to June 30, 2026, to allow excise values for locally manufactured vehicles to be calculated based on manufacturing costs. Sim noted that the government must ensure the industry’s tax structure is fair and equitable, without favouring any particular party. The approach, he said, aims to minimise the impact of the regulation’s implementation, particularly for new vehicle models, while ensuring that more than 90% of existing models will not see price increases.

Source: The Edge Markets February 23, 2026 06:18 UTC