The fine print of the personal income tax deduction slows down interest in the electric car

2023-06-29 15:49:18

The 15% deduction in personal income tax for the purchase of an electric vehicle, approved on Tuesday by the Council of Ministers, will come into force this Friday after its publication in the Official State Gazette (BOE) this Thursday. A measure with which the Government wants to encourage the sale of electric vehicles, and which seems to have not been well received, since searches for this type of car have fallen when the small print of the personal income tax deduction was known.

While on Monday, after the announcement, the search for new electric cars skyrocketed from 16% to 25%, it has fallen sharply the following day, to 4%.

The relief will be deductible during the next two years, until the end of 2024, while it is likely to be extended for another year when the addendum to the Recovery Plan that the Council of Ministers approved earlier this month is approved.

For this reason, users who purchase an electric vehicle will be able to deduct from their income statement 15% of the value of the new car purchased from this Friday until December 31, 2024, with the option to be extended for another year.

The deduction may also be accessed if a cash amount of at least 25% of the acquisition value of the future electric vehicle is paid in the same term, the rest must be paid and the vehicle purchased before the end of the second period subsequent tax, that is, the following year, to the payment of that amount in cash.

In both cases, the maximum deductible base is 20,000 euros, which will include the purchase value of the vehicle, including expenses and taxes, and will discount the amounts that have been subsidized through a public aid program, such as Moves. III, with which the deduction is compatible.

According to AutoScout 24searches for electric vehicles on the Internet have fallen to 4% after knowing the fine print of the measure, after reaching 25% of searches on Monday, when the announcement was made.

From the Sumauto portal they explain that the drop, of 21 percentage points between Monday and Tuesday, is due to the fact that the initiative does not include the used electric vehicle, the money is not advanced or a visible amount of savings for the consumer is specified, in addition to oblige people who are not obliged to present it because they do not exceed the annual income threshold to make the income statement.

AutoScout24 explains that the measure requires the buyer to advance the money, and that he will have to wait, if he buys the car this year, at least until April 2024, when the rental campaign begins, for its possible reimbursement. .