UMW Toyota Motor has released a statement following Prime Minister Tan Sri Muhyiddin Yassin’s announcement on the sales tax exemption today and it already sounds like music to our ears but it’s still somewhat a depressing situation.
As the economy is still robbed of progress by the Covid-19 pandemic, understandably most are being cautious with whatever cash reserves they have so this situation is like going to a year-end warehouse sale, without your wallet.
From 15th June till 31st December, locally assembled vehicles (CKD) will receive 100% sales tax exemption while fully imported cars (CBU) will receive 50%.
“This is indeed good news for the auto industry and we are grateful to the Government for assisting this sector. The full savings will be passed on to customers and we expect that the reduced prices will help to revitalise the automotive industry,” said Ravindran K., President of UMW Toyota Motor.
“As the company has planned new models for launch this year, with the tax exemptions, we will be making the relevant adjustments to the retail prices of all our models and apply them by June 15,” he added.
This is fantastic news as we already know that the all-new 4th generation RAV4 is on its way here and should be part of the “new models planned for launch this year” following UMW Toyota’s announcement that it has begun taking registration of interest.
UMW Toyota Motor, Deputy Chairman, Akio Takeyama added, “The Malaysian automotive industry, like those in other countries, has been greatly affected by the long period of inactivity during the Movement Control Order (MCO) period. Apart from sales and production being affected, there is an uncertain consumer sentiment for the future. For that, we appreciate the support from the government to help boost the industry”.