No change to ARF, gambling taxes, tobacco and liquor duties
-
SINGAPORE : There will be no change in the Additional Registration Fee (ARF) for vehicles this year.
Delivering his Budget Statement on Friday, Prime Minister Lee Hsien Loong says the upfront cost of owning cars have been significantly lowered.
And a medium-sized car today costs about half of what it was eight years ago.
The Electronic Road Pricing system has also helped control any congestion on the roads.
Mr Lee says the Government will continue to monitor the situation, but for now there is no need to reduce the ARF further.
Also unchanged are tobacco and liquor duties.
Mr Lee says he seriously considered raising tobacco duties, but reluctantly decides against it.
This is because revenues have been declining, and not because people are smoking less, but rather due to more smuggling.
While there is no change to gambling taxes, the Government is updating the basis of slot machine taxes.
Previously slot machines are taxed at 30 percent of deemed turnover.
This turnover is estimated based on the amount of coins in the cash box.
So machines are restricted to pay a maximum of 200 coins per win, so that there will be more coins in the cashbox and therefore more taxes to collect.
But Mr Lee notes the rules, in place since the 1950s, are clearly out of pace with changes in slot machine technology and taxation theories.
So he is changing the basis of taxation to 12 percent of actual turnover, which is equivalent to 30 percent of deemed turnover, and removing the 200 coin payout limit. - CNA/de -
Our Lao Niang here might be happy, cos cig no price increase all thks to rampent smuggling activities
-
Tax gambling now for what?
The smart thing to do would be to tax gambling when the IRs open right?
-
'Chiong' cigarettes smoke liao can cause throat infection. Sometimes when you cut open the cigarette, can find papers in it!
-
Me quit drinking too, so not really affected by these good news.