SG: Petrol Duty rates increase

Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam announced in his 2015 Budget Statement that the Carbon Emissions-Based Vehicle Scheme (CEVS) will be updated for all new and used cars and taxis imported into the country from the 1st of July onwards. The existing scheme was first introduced in January 2013, and was put in place to attract more buyers to purchase low carbon emission vehicles. It is set to expire on the 30th of June this year. The CEVS has helped to significantly reduce carbon emissions from vehicles locally. Since the scheme was implemented 2 years ago, about 65% of the vehicles registered met the criteria and qualified for rebates. 5% of the vehicles didn’t, and their owners had to pay a surcharge. Under the revised CEVS for 2015, all new cars and imported used cars registered for road use from the 1st of July will be classified into 2 categories – low carbon emissions, and high carbon emissions. A car, which produces carbon emissions of less than or equal to 135g per kilometre, will fall into the former, and will net its owner rebates of between $5000 and $30,000. Vehicles that fall into the latter, will incur a surcharge, which will range from $5,000 and $30,000.Pictures used for illusration purposes only.

The Government is currently working on implementing an electric car sharing scheme in 2016. The programme, which may cost the government up to $100 million in tax revenue, will allow electric cars to be registered without vehicular taxes for up to a decade. The estimation takes into consideration are the Open Market Value and Additional Registration Fee of said which adds up to close to $100,000 per car. These cars are road-tax exempt to, which works out to a loss of $16 million for 1,000 cars over a 10 year period. In order for the scheme to be successfully implemented and adopted, the operator has to build a network of charging stations, and they can apply for grants to cover the initial cost. As of today, nothing has been finalised yet, but the LTA has said that the amount of cost exemptions will only be confirmed post-tender.Pictures used for illustration purposes only.

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