Commercial vehicle owners will get a one-year 30 per cent road tax rebate for their vehicles in Singapore Budget 2013. This covers goods vehicles, buses and taxis.
The rebate, which will take effect on July 1 this year, will save businesses $46 million, announced Deputy Prime Minister Tharman Shanmugaratnam in his Singapore Budget 2013 speech on Monday.
Also announched in Singapore Budget 2013, owners of commercial vehicles will also now be allowed to renew their COEs for a longer tenure.
Currently, when commercial vehicles reach the end of their 10-year COE, the owners can only renew for five years with no further extension, or pay more for a 10-year renewal.
"We will allow owners who choose to renew their COEs for five years in the first instance to extend their COEs further for another five years," he said.
This will help businesses ease their cash flow and provide flexibility, the minister said.
More details will be given out during the Transport Ministry's Committee of Supply debate.
For more news and analysis on Singapore Budget 2013, click here for ST's Big Story coverage.