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SG Budget 2017: New tiered additional registration fees for motorcycles
THE Singapore government will introduce new additional registration fees (ARF) tiers for more expensive motorcycles, said Finance Minister Heng Swee Keat in Parliament on Monday.
The ARF for motorcycles with an open market value (OMV) of up to S$5,000 will remain at the current 15 per cent.
The next S$5,000 of motorcycle OMV will now be subject to an ARF rate of 50 per cent, and the remaining OMV beyond S$10,000 will be subject to an ARF rate of 100 per cent.
Over half of new motorcycle buyers are expected to continue to pay the current ARF rate of 15 per cent based on current registration trends.
The tiered ARF will apply to motorcycles registered with COEs obtained from the second February COE bidding exercise onwards.
Separately, Mr Heng said the Transport Ministry will cease the contribution of motorcycle COE quota to the open category.
This move will help address the gradual decline in Singapore's motorcycle population as there are very few open category COEs used to register motocycle, said Mr Heng.
- For more Budget 2017 stories visit bt.sg/budget17