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Car and car-related benefits given to an employee are taxable based on the value of benefit derived from the employee’s private usage of the car or car-related items. On this page: Tax Treatment of Various Car and Car-related Benefits (Summary Table)
Get a FREE car valuation to find out how much your car is worth today. Submit your car details and we will help you obtain the highest and most accurate offer within 24 hours.
On 14 December 2018, the Inland Revenue Authority of Singapore (IRAS) announced a new formula for calculating taxable car benefits, effective from year of assessment (YA) 2020.1 This new formula is meant to better reflect the prevailing costs of car ownership and maintenance.
Car valuation in Singapore is calculated based on 3 key factors – the Open Market Value (OMV), Additional Registration Fee (ARF) as well as Certificate of Entitlement (COE). On top of that, your car condition and mileage are also taken into consideration during the valuation process.
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19 Απρ 2024 · How To Calculate Car Value Depreciation in Singapore. Whether you’re buying a new or used car in Singapore, it’s crucial to consider how its value will depreciate every year. We’ll show you how you this works, and how you can calculate it in less than a minute.
Current tax treatments of motor cars for motor car dealers. Motor cars that are inventories (“inventory tax treatment”) Expenses incurred on such cars are tax deductible. Profit on disposal is taxable; loss is tax deductible. Motor cars that are for business use or staff’s use (“business use tax treatment”)
