High COE Prices As Explained By The Minister
Tuesday, 17th April 2012
Transport Minister Lui Tuck Yew said that the certificate of entitlement (COE) prices are soaring because the economy is doing well and not because the Government is further slowing the growth in the vehicle population. He was responding to a steady stream of complaints about COE prices - now at their highest in more than a decade.
Photo Credit: Flickr.
Rules and regulations for self importing of cars into Singapore:
Guidelines:
- You can only import cars that are less than 3 years of age.
- The age of a used vehicle is valid from the date of its first registration in a foreign country.
- If you cannot ascertain the first registration date of the vehicle, then the age of your vehicle will be deemed to be valid from the first day of its manufacture.
- All modifications made to your car must be properly certified, and can only be carried out by the manufacturer or an agent authorised by the manufacturer.
- Your car must use unleaded petrol.
- Your car must use CFC-free air conditioners
- Your car must pass an inspection at any authorised inspection centres.
- Only right-hand drive cars are allowed to be registered on Singapore road.
- The car speedometer must be able to permanently display vehicular speed in units of kilometers per hour (kmh).
A government surcharge of S$10,000 for each car imported into Singapore.
The Singapore Customs will assess the Open Market Value (OMV) of the car taking into account purchase price, freight, insurance, handling and all other charges incidental to the sale and delivery of the car in Singapore. Customs duty will be levied at 20% of the OMV. GST is computed at 7% of the total of Cost, Insurance & Freight (CIF) & Customs Duty.
The owner of the newly imported car need to cecure a Certificate Of Entitlement (COE) and obtain insurance coverage.
you wish, you can bid for a car registration number.