SINGAPORE: The government will do more to help ease the cash flow of companies, with a road tax rebate for commercial vehicles.
It’ll give a one—year rebate of 30 per cent for goods vehicles, buses and taxis.
The rebate will take effect on 1 July 2013 and will save businesses S$46 million.
Owners of commercial vehicles who choose to renew their Certificate of Entitlement (COE) for only five years when it expires, will now be able to extend it further for another five years.
Currently, when commercial vehicles reach the end of their 10—year COE life, the owners can only renew for five years, with no further extension, or pay more for a 10—year renewal.
Announcing the changes in Parliament in his Budget speech on Monday, Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam said this will ease companies’ cash flow and provide flexibility.
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