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In Singapore to own a car, you will be paying a huge load of tax to the government. Take my classmate’s BMW, she has paid the following to the government:
Open Market Value (OMV)= $58,000
Thus Additional Registration Fee (ARF) will cost 100% of OMV =$ 58,000
Excise Duty: 20% OMV= $11,600
Registration Fee: $140
Certificate of Entitlement= $45,000 (few months ago)
GST: OMV x 7% (approximate) = $ 4,000
Total tax payable to government coffers: $118,740
The total cost of her car was about $210,000 then, which means the gross profit margin for the car dealer ...
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