lower OMV

heluim

2 Feb 05, 10:41

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 ?

Qitai

2 Feb 05, 10:58

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.

cplee888

3 Feb 05, 23:20

[quote]Originally posted by Qitai:

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. /quote]

Any idea how to calculate the COE, I understanding is that open cat depreciate differently if car is less than 2 year old.

Qitai

4 Feb 05, 00:30

Originally posted by cplee888:
Any idea how to calculate the COE, I understanding is that open cat depreciate differently if car is less than 2 year old.

Just a simple prorate of years left for COE multiple by COE price on your log card. For open cat, the COE value is the cat it is used on, NOT the price you bid to get it.

Never heard or know anything about the 2 year thing for COE. So, someone else may be able to help. Don't think there is any such rule.

cplee888

4 Feb 05, 22:19

Originally posted by Qitai:
Just a simple prorate of years left for COE multiple by COE price on your log card. For open cat, the COE value is the cat it is used on, NOT the price you bid to get it.

Never heard or know anything about the 2 year thing for COE. So, someone else may be able to help. Don't think there is any such rule.

Thanks for info, I thought I read about it on one motoring. maybe i am wrong.