MP Ong Teng Koon suggests "ABCD":Additional Buyer’s Car Duty

[Pinobii]

MP Ong Teng Koon suggests "ABCD": Additional Buyer’s Car Duty

By Linette Lim

POSTED: 28 January 2016 at 9:00 PM

UPDATED: 28 January 2016 at 9:59 PM

 

SINGAPORE: A tax on a second, and subsequent passenger cars – similar to the Additional Buyer’s Stamp Duty in the residential property market – can help improve the spread of car ownership in Singapore, said MP Ong Teng Koon in Parliament on Thursday (Jan 28).

 

“Could we not consider here, an Additional Buyers’ Car Duty – ABCD – which could be set as a percentage of the prevailing COE price, for those who wish to buy a second, a third, or fourth car?” he asked.

 

He added: “Perhaps a simple mechanism would be to step up the price of each COE. Property investors also face tighter restrictions on mortgages, so similar might be applied in the car loans market.”

 

The MP for Marsiling-Yew Tee GRC said the idea is to use the proposed mechanisms to “price some second car buyers out of the COE market, thereby lowering the price and improving affordability for first-car households”.

 

As of 2014, there are 536,000 passenger cars registered in Singapore, figures from the Land Transport Authority show. Of this, approximately 45 per cent of households own at least one car, while 8 per cent of households own more than one, said Mr Ong.

 

He also proposed mandating that car dealers explicitly show a breakdown of the cost of the car, and how much gross profit they are making. And he suggested the Government take the lead in helping Singaporeans adopt electric vehicles (EVs), by facilitating the installation of vehicle charge points and earmarking parking lots for EVs.

 

“The infrastructure required for Singaporeans to truly live in a car-lite way – such as a much denser network of MRT stations, or even the advent of autonomous car-sharing schemes – is still years away (from realisation)”, said Mr Ong. He said in the meantime, solutions are needed for problems surrounding cars and car ownership.

 

 

- CNA/ll

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MediaCorp News Group

©2015 MediaCorp Pte Ltd

[Pinobii]

 

MP Ong Teng Koon suggests "ABCD": Additional Buyer’s Car Duty

http://www.channelnewsasia.com/news/singapore/mp-ong-teng-koon-suggests/2466906.html

[Volvobrick]

Wasting air waves - just register under wife/kid/relative and even employees' names.  Or lease.  "Problem" overcome.

 

Why does't he think of ways to improve the traffic conditions like removing unnecessary bottlenecks?  Or tackling the oligopoly in the retail fuel business?

 

Sigh... our MPs this type of standards....might as well come to MCF for better suggestions.

 

Edited January 28, 2016 by Volvobrick

[TameDriver]

 

MPs are paid to come up with plans to harvest more revenues for our Pay and Pay govt.

Never mind the people's suffering at their hands; they earn brownie points with every revenue collecting 'miao ji' (bright idea).

[Thaiyotakamli]

  On 1/28/2016 at 4:56 PM, Volvobrick said:

Wasting air waves - just register under wife/kid/relative and even employees' names. Or lease. "Problem" overcome.

 

Why does't he think of ways to improve the traffic conditions like removing unnecessary bottlenecks? Or tackling the oligopoly in the retail fuel business?

 

Sigh... our MPs this type of standards....might as well come to MCF for better suggestions.

Maybe cannot registed under same address then at least problem will be solved.

 

Unless the guy has many properties and under many different mistresses name haha

[Benarsenal]

Stupidest argument ever.

 

Especially now where they encouraging multi-generational living (living with parents etc), some households may genuinely need more than one car.

[Achee]

How this suggestion can help to solve the daily worsening congestion and the frustration to find a parking lot faced by motorists?

Edited January 28, 2016 by Achee

[Blueray]

  On 1/28/2016 at 10:17 PM, Achee said:

How this suggestion can help to solve the daily worsening congestion and the frustration to find a parking lot faced by motorists?

 

it doesn't ... but it does create an extra source of revenue for the coffers ...

[Zyklon]

Dear MP,

 

I am a human. I like cars and have 2-3 cars at most point of time.

 

I also only have a pair of eyes, a pair of hands and a pair of legs.

 

Because of these reasons, I can only drive one car at a time.

 

It also means I can only take up a "car space" on the road at any point of time.

 

Why penalise me when I already paid COE and 180% arf for my other cars that are seldom on the road? You should be penalising those who are causing the congestion.

[Weez911]

A very gentle reminder

[Soya]

Walau eh......dis unknown MP forgot that the next erection is another 5 yrs away ah? Save the populist, unthinking rhetoric for then can or not?

[Carnoob]

His suggestion is targeting a group of people who keep chanting - CAR IS A NEED... this is really    . A lot of argument on CAR is a NEED but no conclusion. The way around would be register all cars under company so a family can have 4 cars without incurring the ABCD.

 

MPs should really do their research... and they are paid to give ideas that can be easily overcome? Are they going to charge businesses ABCD as well?

 

Sad... not only our younger generations are becoming strawberries, our current leaders have     brains...

[RadX]

  On 1/29/2016 at 12:03 AM, Soya said:

Walau eh......dis unknown MP forgot that the next erection is another 5 yrs away ah? Save the populist, unthinking rhetoric for then can or not?

 

 

ello grandpa, you have randkids, register under their name and the property you bought for them lah.....no bother you...siam

 

leave us peasants to fight for the remaining COEs  

[Theobserver]

He is trying to reinvent the wheel ... oops no pun intended... I think the 50 % down payment before the buyer could secure a loan has already priced many people out of the market and sort of dampen the car price.  What he failed to realise is that the main component of the car price is the COE.  And COE quota is controlled by the government.  Furthermore, the buyer, if he wants to buy a second or third car, is already paying more because he has to pay for the additional COE, insurance, road tax, etc.  If he has the guts, he should champion for one driver can buy only one car.

[Soya]

  On 1/29/2016 at 12:04 AM, RadX said:

ello grandpa, you have randkids, register under their name and the property you bought for them lah.....no bother you...siam

 

leave us peasants to fight for the remaining COEs

Eh......u no count hor. Every time u exhume over n over until got more COE entitlement than a whole village.

[Hamburger]

I don't want to hear any complain.....

 

 

Btw to the one that junked me in another thread for making the same statement here, I hear you and your need to complain which is a must.

[Cephas]

  On 1/29/2016 at 12:08 AM, Theobserver said:

He is trying to reinvent the wheel ... oops no pun intended... I think the 50 % down payment before the buyer could secure a loan has already priced many people out of the market and sort of dampen the car price. What he failed to realise is that the main component of the car price is the COE. And COE quota is controlled by the government. Furthermore, the buyer, if he wants to buy a second or third car, is already paying more because he has to pay for the additional COE, insurance, road tax, etc. If he has the guts, he should champion for one driver can buy only one car.

Family of 4 can hv 4 cars...1 for father, 1 for mother, 1 for father's father and 1 for mother's mother....lol

[Runforyourlife]

What's wrong? I've a car, my wife has a car. We both drive. We are professionals.

 

Oh wait.