Current The ARF is currently tiered based on the following rates:
| Open Market Value (”OMV”) | ARF Rate |
|---|---|
| First S$20,000 | 100% of OMV |
| Next S$30,000 | 140% of OMV |
| In excess of S$50,000 | 180% of OMV |
Proposed The portion of OMV in excess of S$80,000 for cars will be taxed at 220%.
| OMV | ARF Rate |
|---|---|
| First S$20,000 | 100% of OMV |
| Next S$30,000 | 140% of OMV |
| Next S$30,000 | 180% of OMV |
| In excess of S$80,000 | 220% of OMV |
The new rates will apply to all cars, including imported used cars, and goods-cum-passenger vehicles registered with Certificates of Entitlement (“COEs”) obtained from the second COE bidding exercise in February 2022 onwards.
For cars that do not need to bid for COEs (e.g., Taxis, classic cars), the new rates will apply from 19 February 2022.
Further details will be announced by the Land Transport Authority.
Grants, Funding & Other Support
Reach out to us via email: [email protected]
Tax involves far more than tax returns demanded by tax authorities: Every transaction has tax consequences. We are here to help you achieve your business objectives in the most tax-efficient manner.
To learn more, click here.
<aside> 📬 Subscribe to Receive our Complimentary Tax and Transfer Pricing Updates, Straight to your Inbox. With a wealth of resources on tax and transfer pricing issues and developments available through our Global network, we will be able to provide you with insights from around the world as and when they are available. To learn more and subscribe, click here.
</aside>
| Disclaimer
| This online newsletter and website has been prepared by Crowe Horwath First Trust (”Crowe Singapore”) and should be used as a general guide only. No reader should act solely upon any information found on this website. We recommend that professional advice be sought before taking action on specific issues and making significant business decisions. Crowe Singapore expressly disclaims all and any liability to any person in respect of anything, and of the consequences of anything, done or omitted to be done by any such person in reliance, whether wholly or partially, upon the whole or any part of the contents of this website. While every effort has been made to ensure the accuracy of the information contained herein, Crowe Singapore shall not be responsible whatsoever for any errors or omissions in it. |
|---|
| About Crowe Singapore |
| A member of Crowe Global, a top 10 accounting network, Crowe Singapore is an award-winning and one of the fastest-growing full-fledged professional services firms in Singapore. Crowe Singapore leverages its core strengths in audit, tax and accounting, to provide a full suite of professional services, serving the needs of start-ups, small and medium enterprises, public-listed entities, multinational corporations and financial institutions. To learn more, please visit www.crowe.sg |
| 9 Raffles Place, #19-20 Republic Plaza Tower 2, Singapore 048619 |
| © 2022 Crowe Singapore |