SG: Eurokars to become official dealer for McLaren
Wearnes Automotive introduced British Marque McLaren to Singapore several years ago. But their relationship is set officially end, for after 3 years, they will officially appoint a new official dealer in the form of Eurokars.
With the Eurokars takeover, McLaren Singapore will have a new home as well. Currently they are based in the Wearnes showroom at 45 Leng Kee Road, but will soon move to a new Eurokars home at 5 Leng Kee Road. Eurokars already has an impressive line of marques in Singapore, which include anything from your everyday Mazda to the finest Germany currently produces, the Porsches.
The McLaren representatives apparently approached several parties during the period of the last Singapore Grand Prix to pitch for the official rights to distribute the brand. The two parties which were shortlisted have extensive experience in dealing with super-sports and ultra-luxury cars.
SG: Eurokars to become official dealer for McLaren
SG: Petrol Duty rates increase
Drivers will have to pay more for petrol from today onwards, as there will be an increase in petrol duty rates. However, the increased cost of fuel should be offset by a one-year road tax rebate. The statement was made by Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam, and he believed that the rise in petrol duties will help to encourage less to drive, and in turn, helping to reduce the carbon emissions.
Currently, the duty for premium-grade petrol is 44 cents, and that will be raised by 20 cents per litre to 64 cents per litre. The duty for intermediate-grade petrol will increase to 56 cents from the current 41 cents. However, even though the duties have gone up, as oil prices have dropped, the overall price of fuel is less than it has been for the past two and a half years.
To offset this, a one-year road tax rebate will be implemented. Expect rebates of 20 per cent for cars, 60 per cent for motorcycles and 100 per cent for the small number of petrol-fueld commercial vehicles, and will cost the Government $144 million.Pictures used for illustration purposes only.
SG: More revenue from COE
In FY2014, the government collected 8% of the total revenue for the year from COE premiums and registration taxes. Expect that figure to rise to 10% for FY 2015, for vehicle quota premiums of up to $5.08 billion are projected for FY15.
That will make up 6.9% of the estimated $73.21 billion in revenue from April 2015 to March 2016. $2.12 billion, or about 2.9% of the total revenue projected, will be collected from motor vehicle taxes. The said taxes refer to the Additional Registration Fee, which is incurred when a vehicle is first registered in the country.
2013’s slight alteration to the ARF rules meant that taxes fell 8.5% from the same period in FY2012. Vehicle quota premiums happen to not follow the same trend; they have been steadily rising since FY2006. With up to 75% spike in the number of COEs available for 2015, an estimated 38.7 % increase in vehicle quota premium revenue and a 17% rise in motor vehicle taxes does not seem all that ridiculous.Pictures used for illustration purposes only.
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