Budget 2023 - How Car Buyers Will Be Affected!
The government has just released their FY2023 Budget Statement! There will be minor changes to the taxation structure of cars locally, with alterations aimed at higher-end vehicles.
Cars with Open Market Value of between $40,000 and $60,000 will have a tax rate of 190%, with those $60,000 to $80,000 at 250%, and cars that are worth more than $80,000 on the Open Market being slapped with a tax of 320%. PARF rebates will also be capped at $60,000.The revisions have been put in place to target premium vehicles. Using an Audi e-tron SUV as an example, the pre-revision ARF payable inclusive of government rebates is $42,000. As its OMV is $64,000, the resultant new payable sum under the revised scheme is now $52,000.
With high COE and registration costs, it’s perhaps time to look at a used car if you desperately need a set of wheels to call your own!
Download the Motorist App
The easiest and smartest way to manage your vehicle in Singapore.Download Now
Download the Motorist App now. Designed by drivers for drivers, this all-in-one app lets you receive the latest traffic updates, gives you access to live traffic cameras, and helps you manage LTA and vehicle matters.
Did you know we have a Motorist Telegram Channel? Created exclusively for drivers and car owners in Singapore, you can get instant info about our latest promotions, articles, tips & hacks, or simply chat with the Motorist Team and fellow drivers.