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5th March 2003, 13:25
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#1 (permalink)
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Hong Kong first registration tax rises
just kind of random, but they just announced effective immediately, that the vehichle first registration tax in HK is being raised... previously, the most expensive car bracket was at 60% tax... and that just got raised to 150%.. sucks for people who were going to buy a ferrari or something.. should have bought it yesterday... 
just as a comparison, I previously, the E39 M5 costed $1.1 million Hong Kong dollars... with the new tax , it's going to cost roughly $1.6 million HKD... crazy..
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US Spec 2001 E39 M5 - LHD
AC Schnitzer
DFC suspension, anti-sway bars, pedals
front splitters, rear wing w/ carbon fiber
Dinan
CAI, MAFS, Throttle bodies, Velocity Stacks,
Stage 2 aluminum flywheel, front + rear strut bars,
3.45 differential
Others
Custom G-power Exhaust, Autosolutions short shifter
Supersprint Headers, Racing Cats, X-pipe
SPEC stage 3 clutch, Powerchip ECU, Schrick Cams
OZ Racing Superleggera III f19x8.5 r19x10.5, Brembo brakes
Evosport Power Pullies, Rouge transmission mounts, Plasma ignition coils
Euro interior conversion, M-technic grill with brake ducts, turbo timer
CA Automative custom carbon fiber hood
Euro Spec 1999 E39 M5 - RHD
ACS Sports Suspension, anti-sway bars, Type III Racing f19x8.5 r19x9.5
2007 Mercedes E63
2007 Corvette Z06
2008 Nissan GTR
Last edited by tfung; 5th March 2003 at 13:29.
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5th March 2003, 15:23
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#2 (permalink)
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that is some bad news 
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5th March 2003, 17:23
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#3 (permalink)
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M5 Guru (>2000 posts)
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That is awful news. Why is the government raising the tax by so much? Is it just to raise funds for the government or does it involve trying to reduce the number of cars on the road, etc.? I am assuming this pertains to all high end used cars as well?
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T.C.
'01 Silverstone M5
AutoSolutions:short shift kit (40% reduction)
Automotive Specialist:cold air intake, swaybar brackets
Dinan:front strut tower bar, rear swaybar
Kelleners: race exhaust, suspension, ecu software
Rogue Engineering:transmission mounts
SuperSprint:X-pipe
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5th March 2003, 19:53
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#4 (permalink)
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yep.. it's mostly the luxury cars that are affected.. the lowest price bracket actually had the taxes reduced from 40% to 35%... the government is in a pretty big deficit right now, so they're trying to raise taxes across the board from income, capital gains, airport, cars, to help balance the budget...
__________________
US Spec 2001 E39 M5 - LHD
AC Schnitzer
DFC suspension, anti-sway bars, pedals
front splitters, rear wing w/ carbon fiber
Dinan
CAI, MAFS, Throttle bodies, Velocity Stacks,
Stage 2 aluminum flywheel, front + rear strut bars,
3.45 differential
Others
Custom G-power Exhaust, Autosolutions short shifter
Supersprint Headers, Racing Cats, X-pipe
SPEC stage 3 clutch, Powerchip ECU, Schrick Cams
OZ Racing Superleggera III f19x8.5 r19x10.5, Brembo brakes
Evosport Power Pullies, Rouge transmission mounts, Plasma ignition coils
Euro interior conversion, M-technic grill with brake ducts, turbo timer
CA Automative custom carbon fiber hood
Euro Spec 1999 E39 M5 - RHD
ACS Sports Suspension, anti-sway bars, Type III Racing f19x8.5 r19x9.5
2007 Mercedes E63
2007 Corvette Z06
2008 Nissan GTR
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6th March 2003, 19:44
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#5 (permalink)
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Ouch...that hurts to even hear that! I heard that Finland has something similar, 90-100% tax. What are they trying to do to those people that buy a car?
Doesn't apply to used cars, right?
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6th March 2003, 20:50
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#6 (permalink)
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Addicted Member (>300 posts)
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Quote:
Originally posted by de Witt
Ouch...that hurts to even hear that! I heard that Finland has something similar, 90-100% tax. What are they trying to do to those people that buy a car?
Doesn't apply to used cars, right?
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Then you should come to Denmark.
200% tax. A new M5 cost about $233,000. That's insane.
regards,
peter
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'01 BMW 320i Touring
'04 Mercedes E55 AMG
'03 Mercedes E270
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10th March 2003, 15:03
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#7 (permalink)
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Quote:
Originally posted by ycchan
Did you hear about the scandal on Anthony Leung, the Financial secretary of HK? What a cheap *****! 
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He should be penalized and only allowed to buy Daihatsu's!
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10th March 2003, 15:10
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#8 (permalink)
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m5board.comoholic (>1000 posts)
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Did you hear about the scandal on Anthony Leung, the Financial secretary of HK? What a cheap *****!
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17th March 2003, 10:06
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#9 (permalink)
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M5 Expert (>4000)
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Man sucks... I just read about someone trying to buy a MINI but becuase of the new tax they have to like thing again or give up options...
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Next: Interlagoes Blue E60 M5
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17th March 2003, 11:53
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#10 (permalink)
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Moderator
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actually.. the tax shouldn't affect the mini that much.... the tax for the lowest bracket of cars... below $150,000 HKD which the mini falls in actually had the tax lowered from 40% to 35%.... only difference is that before, items such as aircon, stereo, etc were tax exempt and now they are included in the tax...
__________________
US Spec 2001 E39 M5 - LHD
AC Schnitzer
DFC suspension, anti-sway bars, pedals
front splitters, rear wing w/ carbon fiber
Dinan
CAI, MAFS, Throttle bodies, Velocity Stacks,
Stage 2 aluminum flywheel, front + rear strut bars,
3.45 differential
Others
Custom G-power Exhaust, Autosolutions short shifter
Supersprint Headers, Racing Cats, X-pipe
SPEC stage 3 clutch, Powerchip ECU, Schrick Cams
OZ Racing Superleggera III f19x8.5 r19x10.5, Brembo brakes
Evosport Power Pullies, Rouge transmission mounts, Plasma ignition coils
Euro interior conversion, M-technic grill with brake ducts, turbo timer
CA Automative custom carbon fiber hood
Euro Spec 1999 E39 M5 - RHD
ACS Sports Suspension, anti-sway bars, Type III Racing f19x8.5 r19x9.5
2007 Mercedes E63
2007 Corvette Z06
2008 Nissan GTR
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19th March 2003, 06:01
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#11 (permalink)
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Moderator
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On top of the taxed options with the new tax regulations, I have read that the price of the MCS has increased by HKD $10,000. MC price has been increased ~ HKD $1000.
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