(Feb 13): The Singapore government reaped billions of dollars more in vehicle quota premiums and car taxes than it projected as the cost of driving reached record highs in the city-state. Vehicle quota premiums raised S$8.66 billion in the year ending March 2026, about 31% more than the government initially estimated a year ago. When combined with motor vehicle taxes, it brings the total to S$11.05 billion — an amount greater than the annual gross domestic product (GDP) of Fiji. Singapore has a unique system for allowing cars to stay on the road. Every vehicle must be granted a Certificate of Entitlement (COE) as part of a bidding process, which grants permission for it to be driven for a maximum of 10 years.   Current COE prices for even the most basic passenger car now start at S$106,320, which means a new Toyota Camry costs S$266,888 — more than the price of a Porsche 911 in Miami, Florida. The latest budget marks the fourth time in the past six years that Singapore’s vehicle-specific levies have generated more money than the government originally expected. This has helped propel the country into a budget surplus, in conjunction with other boons such as rising corporate income tax revenue.   And it’s only set to rise, with the government projecting vehicle quota premiums and motor vehicle taxes will raise a combined S$12.22 billion in the year ending March 2027, in part due to “an expected increase in Certificate of Entitlement quota”.

Same for me too.

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