Singapore doubles hybrid tax rebate

Excerpt from speech by Dr Yaacob Ibrahim, Minister for the Environment and Water Resources, at the Opening Ceremony of the World Hydrogen Technology Convention, Suntec Convention Centre Meeting Rooms 301 & 302, 3 October 2005, 9.15am :

In our effort to promote the use of environmentally friendly or "green" cars, I am happy to announce that the Government will be enhancing the current Green Vehicle Rebate, or the GVR. The GVR was first introduced four years ago in January 2001 with the intention of promoting the adoption of "green" vehicles in Singapore. It is due to expire in 31 December this year. After a review by my Ministry, the Ministry of Finance and the Ministry of Transport, it has been decided that the GVR will be extended for another two years with effect from 1 January 2006. This rebate will be doubled from the current 20% to 40% of the Open Market Value (OMV) of the green vehicle.

... as fuel cell cars are still some way from commercial viability, we hope that the enhanced GVR will spur more potential car buyers to consider buying other green vehicles such as hybrid cars. Hybrid cars run on petrol, but are better for the environment than conventional petrol cars, because they use less fuel, and so emit less pollutants and carbon dioxide for the same distance travelled. This also means that drivers can save money on petrol, and especially at times like this when petrol prices are high, it is indeed a huge incentive!

(2005-10-04 10:52:55 SGT) [Biz] Permalink

« Previous day (Oct 3, 2005) | Main | Next day (Oct 5, 2005) »

Most popular blog postings on lowem.log :

1. Singapore SIBOR interest rates fall to 1.5%, lowest since Dec 2004
2. Singapore SIBOR rate falls to 1.31%, lowest since Nov 2004
3. Live spot gold price quotes chart on COMEX
4. Fuel prices seen stoking Malaysia inflation in 2008
5. 2010 Honda Civic Hybrid preliminary specifications released
6. Singapore SIBOR rate fell to 1.25% in Apr 2008, lowest since Aug 2004
7. Malaysia inflation rate jumps to 7.7% in Jun 2008, a 26-year record high
8. Singapore : electricity tariffs to increase April 2008 on rising oil prices

Featured articles on lowem.log :

1. ABC Guide to Beating Inflation in Singapore and Elsewhere
2. Singapore inflation rate hits new 26-year high of 7.5% in Apr 2008
3. Singapore : Bread price inflation continues
4. 2010 Honda Civic Hybrid preliminary specifications released
5. Peakoiler buys 2008 Honda Civic Hybrid FD3
6. How to insert currency exchange rates into Google Spreadsheets
7. Singapore SIBOR rate falls to 0.94% in Nov 2008, lowest since Jul 2004
8. Singapore : Inflation erodes away bank savings