Government moves against sky-high COE prices
LTA's measures for fewer cars on the road kick off August.
The vehicle growth rate will be reduced from the current 1.5% p.a. to 1% p.a. in August and eventually to 0.5% by February 2013.
The 0.5% p.a. vehicle growth rate will persist until January 2015, the Land Transport Authority (LTA) said in a release.
All combined, these will make available about 390 more COEs per month from August 2012 to January 2013. These additional COEs are equivalent to about 10% of the current monthly quota, said LTA.
It added that this measure "will bring about a smoother transition to a lower vehicle growth rate, as the Government continues to manage the growth of the vehicle population at a sustainable pace."
Contribution rates to Category (CAT) E will also be reduced.
"To maintain a more stable supply of COEs in each COE category under a lower vehicle growth rate, the contribution rate to CAT E will be gradually reduced from the current 25% to 20% from August 2012, and to 15% from February 2013. The effect of this is to return more COEs from de-registered vehicles to their respective categories, with proportionately fewer quotas in CAT E," said LTA.
"Currently, 25% of COEs from de-registered vehicles in each vehicle category form the COE quota for the Open Category (CAT E), which can be used to register vehicles from CAT A to CAT D, to provide flexibility for changes in the vehicle mix," it added.
This signals chemical firm Eastman’s commitment to its Asian clients.
Find out how the drastic changes in the industry and the “democratisation of information” have helped Saxo Bank succeed.
One of EASB’s full-time lecturer, Willard Tan, shares his incredible educational journey with EASB and how he gives back to his alma mater.
.jpg "Simon Tan")
