Collection of motor vehicle taxes and revenue from certificates of entitlement (COE) is expected to rise by 4.6 per cent this year to $6.42 billion. Of this, motor vehicle taxes will account for $2.54 billion (11.9 per cent higher than revised FY2022 estimate) and COE $3.88...
Collection of motor vehicle taxes and revenue from certificates of entitlement is expected to rise by 4.6 per cent this year to $6.42 billion.Meanwhile, excise duty for motor vehicles is expected to total $279.9 million or 7.1 per cent higher.
This is likely to be on the back of firstly, a slightly bigger COE supply this year, offset by softer average premiums. And secondly, the market share of higher-end cars should continue to grow, offset by concessions given to cleaner energy vehicles such as electric cars. A newly announced increase in additional registration fee for higher-end cars will also contribute to this.
According to Land Transport Authority figures, bigger and more powerful cars accounted for 50.5 per cent of 2022’s car population of 650,208. In 2012, they made up 44.6 per cent of 617,556 cars here.
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