Singapore Hikes Tax on Luxury Cars to Make System Progressive

Singapore will increase levies on luxury cars to make the tax system more progressive, Finance Minister Lawrence Wong said in the annual budget speech Friday.

• A new “additional registration fee” tier will be introduced for expensive cars, calculated at 220% of the vehicle’s open-market value in excess of S$80,000 ($59,600)
• The tax hike will generate an additional S$50 million in revenue a year: Wong
• NOTE: Singapore is one of the most expensive places in the world to own a car because buyers must pay excise and registration duties that are more than double the vehicle’s market value
• READ: Singapore ...