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Vehicle Import Taxes Reduced To 25% What Will This Do To The Market?


chew
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from the what i heard in the budget speech there is reduction on the below

VAT from 20% to 12%

NBT - from 3% to 2%

Regional infrastructure development levy (RIDL) - from 5% to nil

Social responsibility levy (SRL) - from 2% to nil

All above taxes are applied on vehicles

so there will be a sizable reduction in vehicle prices after January 2011

Edited by lexi
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from the what i heard in the budget speech there is reduction on the below

VAT from 20% to 12%

NBT - from 3% to 2%

Regional infrastructure development levy (RIDL) - from 5% to nil

Social responsibility levy (SRL) - from 2% to nil

so there will be a sizable reduction in vehicle prices after January 2011

Now i will buy a honda CRZ hybrid

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So if all of the proposed amendments go ahead this is how the total tax rate going to stand for each category

petrol

< 1000cc - 68 % of CIF value

>1000cc < 1600cc - 88%

>1600cc < 3000cc - 108%

>3000cc - 135%

Diesel

< 1600cc - 135% of CIF value

>1600cc < 2000cc - 185%

>2000cc <2500cc - 196%

>2500cc - 210%

Edited by lexi
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from the what i heard in the budget speech there is reduction on the below

VAT from 20% to 12%

NBT - from 3% to 2%

Regional infrastructure development levy (RIDL) - from 5% to nil

Social responsibility levy (SRL) - from 2% to nil

All above taxes are applied on vehicles

so there will be a sizable reduction in vehicle prices after January 2011

Does it say anywhere that vehicle VAT is going to reduce?

The only part I saw about VAT reduction 20% -> 12% was for financial services - but at least if you take a lease then the VAT you pay on the lease should reduce

edit: on page 53 it says "The present 20% rate will be reduced to 12%. Accordingly, there will be only one rate

applicable other than the Zero Rate. (Section 2 of the Act will be amended)."

Edited by Sifaan
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