Two more years of VAT free electric cars

01.10.2018 - 15:48
Two more years of VAT free electric cars
People who buy an electric or hybrid car will have the VAT refunded in 2019 and 2020, according to new bill

Finance minister Kristina Háfoss last week presented a bill to Parliament regarding tax credits for electric and hybrid cars.

Since 2017, it has been possible to reclaim the VAT after buying an electric or hybrid car. The maximum refund amount is limited to DKK 70,000.

The new bill is essentially a two-year extension of the 1 January 2019 tax credit deadline for electric and hybrid cars.

Electric and hybrid cars are becoming increasingly affordable, and it is believed that after 2020 there will no longer be a need for state subsidies.

Owners of electric or hybrid cars are currently exempted from paying registration fees, road charges and green taxes. The new bill also seeks to extend these perks for another two years.

To qualify for these VAT rebates, a vehicle must be registered before 1 January 2019.

Today there are 66 electric cars registered in the Faroe Islands.

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