Budget 2022: Higher ARF may not put the brakes on luxury car sales

IF you've got it, flaunt it. But if one of the ways you like to flaunt your wealth is by driving a luxury car, be prepared to give some of it back.

Finance Minister Lawrence Wong announced a higher tax for luxury cars during yesterday's Budget Day speech, starting with cars registered with certificates of entitlement (COEs) from next week's bidding round.

That means the new measure is effectively already in place, because cars bought today will have to be registered with COEs from the next bidding round onwards.