Posts Tagged ‘new’

Bangladesh Investigates New “Used” Imports

June 24, 2008

The National Board of Revenue (NBR) of Bangladesh is looking into the possiblity of people importing brand new cars as “reconditioned” cars, mostly from Japan.

As many Japanese used car exporters are aware, brand new vehicles are quickly registered and de-registered to circumevent Japanese laws forbidding anyone besides the manufacturer from exporting new vehicles. Technically, in the eyes of the law these are no longer brand new vehicles, just new or “as-new” vehicles. Why this matter to Bangladesh NBR is that they make 50% higher import duty on cars imported as new.

To counter this, it is proposed for the new budget that for a vehicle to be considered a “reconditioned” car, it must have a space 365 days between registration and deregistration and have clocked at least 1,000 km of mileage. They hope this will close the loop hole.

It’s not all bad news for importers though. Also in the proposed budget, the government will reduce supplementary duties from 60 percent to 20 percent on import of ordinary non-luxurious microbuses with and engine size between 1500 to 1800 CC which are used for transportation of industrial raw materials and/or passengers.

Source – The New Nation

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New VRT Rates Start 1 July 2008 for Ireland

June 20, 2008

From 1 July 2008 in Ireland, Category “A” cars will be taxed based on the level of CO2 emissions and not engine size as before. Also, the 50% discount of VRT payable for hybrid electric and flexible fuel vehicles is replaced by VRT relief of up to €2,500 depending on the car’s age (for hybrids only). This will only apply to car registered after 30 June, while cars imported before will continue under the old system.

According to The Irish Revenue Commissioner’s Leaflet:

New Tax Regime

From 1 July 2008, VRT payable on category A vehicles will no longer be based on the engine size but rather on the level of CO2 emissions from the car. Linking the VRT rates to the level CO2 emissions will mean that individuals purchasing cleaner, low emission cars will pay less VRT while those opting to purchase higher emitting vehicles will pay more.

A seven-band CO2 emission system will apply. VRT will now be charged as a percentage of the OMSP (Open Market Selling Price) in accordance with the following table:

CO2 Emissions (CO2g/km) VRT Rates
0 – 120g 14% of OMSP
More than 120g/km up to and including140g/km 16% of OMSP
More than 140g/km up to and including 155g/km 20% of OMSP
More than 155g/km up to and including 170g/km 24% of OMSP
More than 170g/km up to and including 190g/km 28% of OMSP
More than 190g/km up to and including 225g/km 32% of OMSP
More than 225g/km 36% of OMSP

Importers of Japanese used cars must have the CO2 Emissions levels declared on their Export or Deregistration Certificate, or have a printout emissions certificate for your particular model from the Japanese Ministry of Land, Infrastructure and Transport. If you don’t have proof, you will be charged the highest rate (36%) regardless of how efficient the car is.

Also, as an incentive to by eco-friendly cars, you can get reductions based the car age for hybrids. That is, the younger the car is, more money is deducted. Of course there is a minimum amount that still must be paid, but here are the discount rates:

Hybrid, flexible fuel and electric vehicles

The current relief of 50% reduction of the VRT payable on Hybrid and Flexi Fuel vehicles is withdrawn from 30 June 2008.

A VRT remission up to a maximum of €2,500 will be available on such cars registered between 1 July 2008 and 31 December 2010.

This relief is limited, on a sliding scale, depending on the age of the vehicle. The scale is as follows:

Age of vehicle Maximum amount which may
be remitted or repaid
New vehicle, first registration €2,500
Not a new vehicle but less than 2 years €2,250
2 years or over but less than 3 years €2,000
3 years or over but less than 4 years €1,750
4 years or over but less than 5 years €1,500
5 years or over but less than 6 years €1,250
6 years or over but less than 7 years €1,000
7 years or over but less than 8 years €750
8 years or over but less than 9 years €500
9 years or over but less than 10 years €250
10 years or over Nil

With effect from 1 January 2008 to 31 December 2010, series production electric vehicles and electric motorcycles are exempt from VRT.

Note: There is no change for Category B (crew cabs, etc.), Category C (commercial vehicles) or Category M (motorcycles – other than electric motorcycles).

-Source: Change to the Tax Base

Blog News – Breaking the 100 Barrier

April 4, 2008

Just a small update on the progress. Yesterday, we saw for the first time breaking the 100 Barrier – that is 100 people visiting in one day. While small, it excellent progress as we also passed the 3,000 visits total mark. Because we are serving a niche area, we aren’t planning to be in the top ten blogs, but a place to make people more aware about importing used cars and news in this industry.

As a reader, besides reading this blog (we have an RSS Feed), you can also find information from our sister site JUCE.Info, join our discussion forum JCarsNow.com, and sign-up for the free Newsletter.

New Year for Russia, New Rules for Importers

February 19, 2008

Latest news from Russia is starting this year, individual importers will be limited 1 car. Now what does that mean?

Very simple. People can’t import more than 1 whole car as a personal import. Importer businesses can continue on no problem, and for the individuals, you’ll have to resort to (but not recommended) importing parts which basically means cars split in half.

So at the moment, importing should see much of a big hit, but if other rules change, things can tighten. And for those not watching the news, Russia will be getting a new president this year so things might change a little.