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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