Up to 700 brand-new parallel-imported vans are stranded here because their importers failed to get a tax incentive they were betting on.
The large consignment of Nissan NV200 petrol vans, worth at least $70 million if they are registered, represents three to four months' worth of sales. The commercial vehicles among the best-selling models here are now gathering dust in various carparks across the island.
Mr Neo Nam Heng, chairman of diversified motor group Prime, said the vans did not manage to be placed under the Commercial Vehicle Emissions Scheme (CVES) Band B, which would accord them each a $10,000 tax incentive.
Instead, the vans fell into Band C which attracts a $10,000 tax surcharge for each vehicle - because they are considered more pollutive.
Thus, each of these vans will cost $20,000 more than a comparable van which has a CVES Band B rating.
This story is from the October 13, 2022 edition of The Straits Times.
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This story is from the October 13, 2022 edition of The Straits Times.
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