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Additional tax on luxury cars approved by government's commission

12:16 27/03/2013

MOSCOW, March 27- RAPSI. The government's lawmaking commission has approved amendments to the Tax Code introducing an additional 'luxury' tax on cars worth more than 5 million rubles ($162,000), Vedomosti business daily writes on Wednesday.

The proposed amendments will now be submitted to the State Duma. According to the government website, the commission approved the version sponsored by the Finance Ministry.

Cars with average value of more than 5 million rubles will be qualified as luxury items and will be added to a special list compiled by the Industry and Trade Ministry.

Owners of cars which are less than five years old and cost between 5 and 10 million rubles ($323,903) will pay a double rate; 10-15 million ruble cars less than 10 years old, or cars worth over 15 million rubles ($485,855) and are less than 20 years old will be subject to a triple rate tax.

The Industry and Trade Ministry will post annual updates of prices by March 1 after analyzing customs and sales statistics. The entire system of transport taxes will be reformed, a federal official involved in drafting the amendments said. The new tax will depend on the engine volume, its impact on the environment and the vehicle's age, he said.

According to the Avtostat agency, the most popular 10 million ruble plus car is the Bentley Continental series. There are 890 of these cars in Russia. The second most popular model is the Maybach (370), followed by the Rolls-Royce Phantom (313).

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Additional tax on luxury cars approved by government's commission

12:16 27/03/2013 The government's lawmaking commission has approved amendments to the Tax Code introducing an additional 'luxury' tax on cars worth more than 5 million rubles ($162,000).
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