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COE Bidding – 2nd Round of November 2017


Carbon82
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Any sign of lightning?

Lighting got. Lightning no. :p I do have faith in our transport system still cos I still take it every now and then if going to town....

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Lighting got. Lightning no. :p I do have faith in our transport system still cos I still take it every now and then if going to town....

Hahaha, good to hear that! The lightning will strike some where else...

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Up GST to 10% only increase car cost by $720 for a $20000 OMV car lor ......... No drama lor 

 

Thought GST does not tax on the OMV of a car. It taxes the overall selling price of the car but minus the regulatory charges such as ARF, COE, RF, Road Tax). Can easily cost a few thousand dollars.

Edited by Renegade777
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Nope.  It is actually a tax on top of tax.

 

GST is calculated as 7% X (OMV + 20% Excise Duty).  I think on the AD side, the margin also GST ??

 

 

Even when you buy a second hand car, it is 7% of Seller's Margin lor ....... that why second hand dealer don't show GST one, they always say "absorb" wor ....... more like absorb my wallet lor.......

 

 

A point to note, when you buy new car, the total transaction cost is added into GDP and not a second hand car.

 

Like that sell, our GDP always look so awesome.....lor

 

 

Thought GST does not tax on the OMV of a car. It taxes the overall selling price of the car but minus the regulatory charges such as ARF, COE, RF, Road Tax). Can easily cost a few thousand dollars.

 

Edited by Apple-Tree
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Nope.  It is actually a tax on top of tax.

 

GST is calculated as 7% X (OMV + 20% Excise Duty).  I think on the AD side, the margin also GST ??

 

 

Even when you buy a second hand car, it is 7% of Seller's Margin lor ....... that why second hand dealer don't show GST one, they always say "absorb" wor ....... more like absorb my wallet lor.......

 

 

A point to note, when you buy new car, the total transaction cost is added into GDP and not a second hand car.

 

Like that sell, our GDP always look so awesome.....lor

 

OK. I thot motor traders must charge GST on the selling price of the motor vehicle less regulatory fees (e.g. COE) for public. For sale of second-hand vehicles, you may use the Gross Margin Scheme (subject to the fulfillment of certain conditions) or the Discounted Sale Price Scheme to account for the GST.  For traders selling to traders no need include GST.

 

You may want to refer to para 7, Example 3 which says GST tax on what component for sale of cars to public and not traders https://www.iras.gov.sg/irashome/uploadedFiles/IRASHome/e-Tax_Guides/etaxguide_GST_Motor%20Vehicle.pdf

Edited by Renegade777
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B2B no GST ma ........

 

B2U GST.

 

https://www.onemotoring.com.sg/content/onemotoring/en/lta_information_guidelines/buy_a_new_vehicle/car_cost.html

 

 

Actually, there is no discrepancy on the calculation as it is normal for our garment to tax on tax component.  For your GST it include dealer margin and tax GST again lor.

 

If you look at your sale contract, no where GST is mentioned lor ....... I just seen my C&C PA ....... "No GST" at all ..... huat ah !!

 

Actually, my understanding is when garment start GST, the motor car assoc or something requested for no show of GST as they will "absorb" to cover their profit margin lor ........ many years ago lor ......

 

Anyway, for a 20K OMV car ........ increase 1K ??  out of 100K lor ........ still no drama one ...

 

But as one forumer point out, when garment say only ....... price spike lor 

 

Still the miserable VES lor ......

 

 

Did you know garment also GST your water conservation tax  ?? I think so ...... normal.

 

 

 

 

 

OK. I thot motor traders must charge GST on the selling price of the motor vehicle less regulatory fees (e.g. COE) for public. For sale of second-hand vehicles, you may use the Gross Margin Scheme (subject to the fulfillment of certain conditions) or the Discounted Sale Price Scheme to account for the GST.  For traders selling to traders no need include GST.

 

You may want to refer to para 7, Example 3 which says GST tax on what component for sale of cars to public and not traders https://www.iras.gov.sg/irashome/uploadedFiles/IRASHome/e-Tax_Guides/etaxguide_GST_Motor%20Vehicle.pdf

 

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Speaking about lightning? I thought we all vote for lightning every few years so what’s the news? Maybe can also implement tax in geylang so can relieve abit from drivers.

$50+10%+7%. Anyway still hope new tax will not affect the masses ! Let me review my COE bet for tomorrow.

 

Cat A: $44K +/-1k

Cat B: $53K +/-1k.

 

Wish everyone a great week ahead !

Taka

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Even ..... I bought the car already I still very excited to watch lor ....... like World Cup....... heeeee

 

 

 

All mai kancheong...just sit and relax, the show will be tmrw amd your will see the showdown by 4pm...relax relax

 

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No significant changes, lots of backlog to clear....

Chances to go up is high because some must die die get the COE by end of the year.

 

Cat A: +1k

Cat B: +1k. 

 

 

:D 

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Still not see any rush to bis COE at this time, all go lunch to get energy after that cheooong till to the max at 4pm :p

Or perhaps this time COE 2$ - black friday deal before end of the year lolx

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