12 Jun '11, 9pm

Industry association wants used car transfer fee scrapped: by Liang Kaixin SINGAPORE - The Singapore Vehicle Tra...

SINGAPORE - The Singapore Vehicle Traders Association (SVTA) is urging the Government to scrap the 2-per-cent transfer fee for used cars. Describing the rule as outdated - given the high prices of cars now - the association wants a review to be carried out. The tax was introduced in the '70s. Buyers are liable to a flat fee of S$10 per car, plus 2 per cent of the vehicle's value. SVTA honorary secretary Raymond Tang said: "In the '70s, I believe it was okay because car prices were lower and there was no Certificate of Entitlement. But now, it would be just like a tax on tax. I feel that this is a bit of an extra cost for the consumer." The association, which has more than 300 members, has contacted the Finance Ministry on the issue. With the rising COE prices, industry players note that more people are turning to used cars. Second-hand dealers said they are selling 30 per ...

Full article: http://www.todayonline.com/Singapore/EDC110613-0000073/In...

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