Hong Kong First Registration Tax

[DITB]

If the FRT exemption goes on as we hope for, you made the right bet.

If not, I hope you didn't go for the Signature. Full FRT, full spec Signature, and the price will more than double.

1.0 M HKD becomes around 2.3 M HKD, if you apply full FRT.

I hit that confirm long ago by accident, though I got a second life to wait till 27th.

 

[markwj]

Are you saying that a decision on the FRT waiver will be coming in ~1 hour? If so, I hope they will do the right thing and extend it...

Budget speech starts in 10 minutes. It should last up to 2 hours, and he should mention a few dozen words in the middle somewhere that will affect the fate of EV adoption in HK. Sounds dramatic, right? It is (IMHO).

 

[DITB]

Budget speech starts in 10 minutes. It should last up to 2 hours, and he should mention a few dozen words in the middle somewhere that will affect the fate of EV adoption in HK. Sounds dramatic, right? It is (IMHO).

Oh, I hope it's not going to take too long.

Lord, give me patience. I need it now.

Oh, its LIVE now!

 

[markwj]

Three more years!

Proposal is to extend FRT extension for Electric Vehicles until 31st March 2017.

 

[lx3h]

And The Verdict is...

"YES"!!!!!!
3 years!!! Till 31st March 2017

 

[markwj]

OK. Anyone still listening to the speech

P.S. I am.

 

[Lerxt]

Now thats better than a poke in the eye with a burnt stick. ​YESSSSSSSSSS!!!!

 

[lx3h]

But for Model E..... FRT...

 

[nov3698]

YES!!! will confirm the order later today, busy at work! Wahaha…!

 

[772]

OK. Anyone still listening to the speech

P.S. I am.

I'm still listening... what should I be listening for, though?

P.S. Congrats to all HKers

 

[Lerxt]

Listen for us partying. They just saved Tesla in Hong Kong. Otherwise we would have basically had the regular vehicle tax that would have doubled the price of our cars.

 

[markwj]

For those that like it in writing:

The 2014-15 Budget - Budget Speech

A Liveable City

50. An incentive-cum-regulatory approach to phase out all the 82 000 pre-Euro IV diesel commercial vehicles by 2020 is being pursued. We have earmarked $11.4billion for the ex-gratia payment scheme, which will be open for application from 1 March. For years, we have been promoting the use of electric vehicles by exempting them from First Registration Tax. I propose to extend the tax exemption by three years up to 31 March 2017.

 

[DITB]

But for Model E..... FRT...

This doesn't mean that it cannot be extended once again, come February 26th, 2017.

I would predict that the FRT EV exemption, once cancelled, would be gradual. Something like 1% pr month increase, towards maybe 50% of the full FRT, starting April 1st, 2017.

Remember, that FRT is not just against pollution, but also against congestion. Once the EVs beat the pants of the ICEs, which will be soon, hopefully, the sales will shift to EVs to an extent it can actually be felt in the budget. By that time, hopefully mass production will have caught up to ICEs, while battery prices will have fallen.

 

[CCT]

Haha funny how we all got it wrong: Neither "It will get renewed for a short time (1 or 2 years)" nor "It will get renewed for another 5 years"​

 

[markwj]

Haha funny how we all got it wrong: Neither "It will get renewed for a short time (1 or 2 years)" nor "It will get renewed for another 5 years"​

Obviously a poorly design poll. Who set it up? Whoops, mea culpa,

 

[DITB]

Thanks for the quote, Mark.

Now that we have seen and heard it, what does "propose" mean in Hong Kong law?

In relationships, it is more of a question, than a promise, so I hope you can shed some light - now that probably 100s of us have "confirmed now", or will do so these hours and minutes.

For those that like it in writing:

The 2014-15 Budget - Budget Speech

 

[markwj]

Thanks for the quote, Mark.

Now that we have seen and heard it, what does "propose" mean in Hong Kong law?

In relationships, it is more of a question, than a promise, so I hope you can shed some light - now that probably 100s of us have "confirmed now", or will do so these hours and minutes.

I can't recall the last time (if ever) the budget wasn't accepted pretty much as proposed.

But, last year the bill was proposed in Feb and passed in May. Not sure how that would affect a FRT exemption due to expire in March. My guess is they will get the exemption extended in some other way (perhaps it can be done by committee?) before April.

I'll have a look how they did it back in 2009.

 

[772]

Anyone still watching the budget video? What just happened? Some person had to be removed from the room

 

[markwj]

I'm still listening... what should I be listening for, though?

P.S. Congrats to all HKers

And Long Hair just got thrown out of the chamber. See... it was worth continuing to listen.

 

[CCT]

Garbage are meant to be thrown after all.