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American Journal of Economics and Sociology, The, Dec, 2000 by Sock-Yong Phang
(15.) Taxes and charges associated with car ownership include an import tax, registration fees, annual road taxes, and a Certificate Of Entitlement (COE) which is required for the registration of any new vehicle. A COE may be obtained in a public tender for a predetermined quota which is held each month. The COE is valid for a period of ten years. In 1998, an electronic road pricing system comprising electronic gantries, vehicle transponders and pre-paid cash cards replaced the previous manually enforced paper license (on windscreen) system.
(16.) Chong-Yah Lim et. al., Policy Options for the Singapore Economy (Singapore: McGraw Hill, 1988), p. 258.
(17.) Since 1988, Singapore's gross national saving has exceeded gross capital formation. This is partly a result of persistent and large budget surpluses as well as a high rate of compulsory savings. In 1995, gross national saving was 50.8 percent of GNP and gross fixed capital formation was 33.4 percent of GNP. Since Singapore has become a net lender to the rest of the world, the government has adopted an industrial strategy of providing tax incentives for firms to invest overseas. For details on the various tax incentives, see Ministry of Trade and Industry, Singapore, Economic Survey of Singapore, 1993 (Singapore: SNP Publishers, 1994), pp. 44-45.
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