Home News Motorcycle COEs zoom ahead despite Finance Minister's efforts to improve progressivity

Motorcycle COEs zoom ahead despite Finance Minister’s efforts to improve progressivity




- Advertisement -

The Finance Minister’s move to “improve progressivity” for motorcycles may have had the opposite effect in the last Certificate of Entitlement (COE) bidding exercise for such vehicles. The premium for motorbikes shot from the previous peak in January last year of $6,889 to a new record high of $7,483 on Wednesday (March 15).

The Government introduced the tiered additional registration fee for motorbikes at the last Budget. Mr Heng said that statistics which showed that growing number of motorcycle buyers were going for expensive bikes prompted the policy revision.

According to the new policy, motorbikes up to $5,000 in OMV will continue to pay 15 percent. The next $5,000 will attract a 50 percent ARF rate and 100 percent of the OMV for motorcycles beyond $10,000. The new policy also prohibited Category D COE meant for motorbikes will no longer contribute to the pool of Category E (Open) COEs.

Several netizens commenting on the COE price hike for motorcycles said that the Government’s new tax on big bikes have no effect and that the price is exorbitantly high for small bike users.

- Advertisement -

Blogger and biker chic Vaune Phan recently described the changes to the ARF system for motorcycles as “unjustifiable increase”. She gave the Minister “the biggest cock award of the year.” (See also: ‘Biker chic raps Heng Swee Keat for ‘daylight robbery on citizens’)

Send in your scoop to news@theindependent.sg 

- Advertisement -

HOME decries “horrific, dehumanising, and abhorrent” abuse of Myanmar maid

A Singapore charity for helping migrant workers has expressed shock at the death of a domestic worker, abused by her employer. The abuse suffered by Myanmar maid Ms Piang Ngaih Don, 24, was “horrific, dehumanising, and abhorrent", said the Humanitarian Organisation...

China’s Sinovac vaccine arrives in S’pore, awaiting approval for use

Singapore – The first shipment of China's Sinovac vaccine arrived in Singapore on Tuesday (Feb 23). The vaccine is currently awaiting approval by the Health Sciences Authority (HSA) for use in Singapore. The Embassy of the People's Republic of China in Singapore...

Pritam Singh: Many Singaporeans feel CDC mayor salaries of S$660,000 annually are “outrageous”

Speaking in Parliament on Wednesday (Feb 24), Leader of the Opposition Pritam Singh said that many Singaporeans are of the view that the salaries of Community Development Council (CDC) mayors are "outrageous". He added that this was mainly because they are not...

Send in your scoop to news@theindependent.sg