OMV stands for Open Market Value.
OMV is assessed by the Singapore Customs is based on the price actually paid when sold for export to the country of importation. This price includes purchase price, freight, insurance and all other charges incidental to the sale and delivery of the car to Singapore. Therefore the OMV of a car is like the total price you pay to bring the car into Singapore port.
Effective March 2008
Custom Duty = 20% of OMV
Good and Services Tax = 7% of (OMV+Custom Duty)
Registration Fee (RF) = S$140
Additional Registration Fee (ARF) = 100% of OMV
Example: Taking $20,000 as the OMV of a typical imported Japanese Car
Custom Duty (20% OMV) = $4,000
GST (7%) = $1,680
Registration Fee = $140
ARF (100% OMV) = $20,000
Estimated Cost = $45,820
Typical Dealership probably priced it at $65,000 before adding COE.
The 3 Door Hatchback Fiat Cinquecento 500 1.4 Lounge Panoramic Roof (A) 2009 OMV is S$18,254 was priced at S$63,900 before COE.