Your views: Time to review the entire COE system
I refer to the letter "Simplify COE system" by Tan Peng Boon (The New Paper, May 3).
This little red dot of ours simply cannot sustain a high vehicle population.
So, the certificate of entitlement (COE) is a good system to regulate and provide everyone a fair chance of car ownership. When demand exceeds supply, price rise is inevitable.
However, this first principle was not carried out thoroughly and loopholes were allowed, resulting in unfair practices and profiteering.
First, why do we allow COEs to be traded? It was not created for trading and speculation.
When a dealer sells a car, the price of the COE must be separated from the car price. Otherwise buyers, as is the case now, end up paying goods and services tax not only on the car, but the COE as well.
Second, why are we allowing the Open category COE to be transferable? Isn't that giving dealers an opportunity to trade?
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