SG: CEVS to be revised from 1st July 2015

Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam announced in his 2015 Budget Statement that the Carbon Emissions-Based Vehicle Scheme (CEVS) will be updated for all new and used cars and taxis imported into the country from the 1st of July onwards. The existing scheme was first introduced in January 2013, and was put in place to attract more buyers to purchase low carbon emission vehicles. It is set to expire on the 30th of June this year. The CEVS has helped to significantly reduce carbon emissions from vehicles locally. Since the scheme was implemented 2 years ago, about 65% of the vehicles registered met the criteria and qualified for rebates. 5% of the vehicles didn’t, and their owners had to pay a surcharge. Under the revised CEVS for 2015, all new cars and imported used cars registered for road use from the 1st of July will be classified into 2 categories – low carbon emissions, and high carbon emissions. A car, which produces carbon emissions of less than or equal to 135g per kilometre, will fall into the former, and will net its owner rebates of between $5000 and $30,000. Vehicles that fall into the latter, will incur a surcharge, which will range from $5,000 and $30,000.Pictures used for illusration purposes only.