Originally posted by heluim:
Recent i have came across this article http://www.sgcarmart.com/articles/parf_rebate.php
y do PARF Rebate (For cars registered with COE obtained after March 2004 tender exercise) reduces.. ?
Because of the recent drop in COE tts y they lower the OMV ?
That is because after May 2002, the PARF value is based on ARF as per table below:
Not exceeding 5 years 75% of ARF paid
Above 5 years but not exceeding 6 years 70% of ARF paid
Above 6 years but not exceeding 7 years 65% of ARF paid
Above 7 years but not exceeding 8 years 60% of ARF paid
Above 8 years but not exceeding 9 years 55% of ARF paid
Above 9 years but not exceeding 10 years 50% of ARF paid
And ARF between May 2002 to March 2004 is 130%. After March 2004, the ARF is 110% (I.e. Tax is reduced).
So, for a car less than 5 years old, you get 75%*130% = 97.5% before March 2004 and 75%*110 = 82.5% after March 2004.
Essentially, it is just lower upfront tax, lower tax rebate on scrapping.