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Motor cars that are for business use or staff’s use (“business use tax treatment”) Expenses incurred on such cars are not tax deductible (under Section 15(1)(k) of the Income Tax Act (“ITA”)). Profit on disposal is not taxable; loss is not tax deductible.
16 mar 2020 · Selling a business vehicle is classified as a capital gain for the business. You will have to report this income when you file taxes for your business, not when you file personal taxes. Keep in mind that if you are a sole proprietorship, you do not file a separate business tax return.
Purchase and sale of motor vehicles. You may claim the GST incurred on the purchase of a motor vehicle if it is not disallowed under the GST law. You need to account for GST when you sell the motor vehicle even if you are not entitled to claim input tax for the purchase.
6.1 For sale of new vehicles, GST is charged on the Selling Price less ARF, COE, RF and Road Tax. ARF, COE, RF and Road Tax are charges imposed by LTA on vehicle buyers. These charges do not attract GST as they do not relate to the provision of goods or services. Example 2: Sale of new vehicle to another motor vehicle trader Vehicle Price ...
5 kwi 2023 · Table of Contents. What to Do Before Selling Your Car in Singapore. 1. Clean Your Vehicle. 2. Check for Damage and Make Necessary Repairs. 3. Get a Free Car Valuation. 4. Gather the Needed Paperwork. What to Do After Selling a Car in Singapore. 1. Remove Personal Information. 2. Repay Your Car Loan. 3. Cancellation of Car Insurance and Refund. 4.
Next, you must apply for Singapore customs to assess the vehicle’s customs value and pay an excise duty (20% of the car’s OMV) and Goods and Services Tax (GST – the Singaporean version of VAT). The GST is usually 7% of the combined total cost, insurance and freight (CIF), and excise duty.
16 wrz 2024 · About Expatica. Discover how taxes in Singapore work, including the latest rates and information about income, corporate, and inheritance tax.
