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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.
• If the vehicles are subsequently sold in Singapore, GST is payable on the CIF value or the selling price, whichever is the higher, plus customs duty. 5 Price Display 5.1 For sale of motor vehicles to the public, you must display, advertise, publish or quote GST-inclusive prices. For example, you may advertise the GST-inclusive
If you are not a motor vehicle dealer or did not meet the conditions under the Gross Margin Scheme, you should use the Discounted Sale Price Scheme. Under this scheme, you are required to charge GST on 50% of the selling price when you sell the used vehicle.
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.
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.
5 kwi 2023 · 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. HDB Season Parking Cancellation and Refund. 5. Transfer Ownership. 6. Keeping Your Car Number Plate. Prepare Your Car For Sale. How to sell a car in Singapore?
26 lut 2020 · Selling a car on your own, without the help of a dealer, is easy thanks to an abundance of online tools. Here’s how to do it. Who can you sell your car to? You can sell a car to anybody in Singapore who’s got valid ID and is legally residing in Singapore.
