To continue encouraging the adoption of cleaner commercial vehicles, the government of Singapore recently announced extensions and adjustments to the Commercial Vehicle Emissions Scheme and Early Turnover Scheme. The CVES (Clean Vehicle Exemption Scheme) and ETS (Emissions Trading Scheme) are aimed at encouraging the use of cleaner vehicles in the industry. These movements have been successful in driving innovation and promoting the use of low-emission vehicles, but the recent extension and adjustments bring further benefits for both buyers and sellers. In this article, we learn about the advantages that updates to the CVES and ETS can provide for buyers and sellers.
Buyers enjoy lower taxes
One of the benefits that the CVES and ETS schemes provide for buyers comes in the form of lower taxes. Tax exemptions and reductions for low-emission and zero-emission vehicles are available, making it easier and more affordable for buyers to switch to cleaner options that can have a large impact on the environment.
Additionally, the CVES now include taxis, private hire vehicles, and small commercial vans. This means that more will be able to enjoy the tax exemptions and reductions, which will encourage buyers to switch to cleaner options. The ETS has also been adjusted to increase the number of allowances for low-emission vehicles, such that buyers can enjoy even greater savings on taxes, making cleaner vehicles a more attractive option.
Provides financial incentive for companies to switch to cleaner options
The extension and adjustments to the CVES and ETS provide a financial incentive for companies to invest in cleaner options. By rewarding businesses that use cleaner vehicles with allowances that they can sell to other companies that exceed their emissions limits, the schemes create a competitive environment which encourages companies to switch to cleaner options. As a result, organisations that opt for cleaner options can earn allowances, providing them with financial benefits, on top of reducing their carbon footprint.
Sellers can help to drive innovation and development in the commercial vehicle industry
Through playing an active role in promoting the adoption of low-emission and zero-emission vehicles and supporting the development of sustainable transportation infrastructure, commercial vehicle sellers can help to drive innovation and development in the vehicle industry. This not only benefits the environment, but also creates opportunities for commercial vehicle companies to differentiate themselves in a competitive market, attracting buyers who prioritise sustainability and environmental responsibility.
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Overall, the recent extension and adjustments to the CVES and ETS have increased benefits for buyers and sellers in the commercial vehicle industry, representing an important step towards promoting the use of low-emission and zero-emission vehicles. These schemes provide benefits for both buyers and sellers, and as they continue to evolve, we can expect to see even greater benefits for the environment and the industry as a whole.
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