Vehicle Transfer Fee to peg at $11

At the Budget 2012, Minister of Finance has announced the removal of ‘Additional Transfer Fee’ for the transfer of vehicle registration, scheduled to take effect from 18 February this year.

The current system imposes two one-time fees during the transfer of vehicle ownership – a $10 basic Transfer Fee, and an Additional Transfer Fee which is computed based on the value of the vehicle at the time of transfer.

Come 18 February 2012, the Additional Transfer Fee segment will be removed. Any transfer taking place after the effected date will only incur a one-time basic Transfer Fee, which will be increased to a nominal $11.