Buyers of cars with an open market value of $40,000 or less will not be affected, says Wong, who is also deputy prime minister.
Buyers of higher-end luxury cars will soon face higher taxes via increased Additional Registration Fees (ARF), says Finance Minister Lawrence Wong in his Budget 2023 speech on Feb 14.
This will better differentiate between tiers of luxury vehicles, with the changes targeted at the top one-third of cars by open market value (OMV), he adds.
