Vol. 484 No. 3
211 Miss Coughlan asked the Minister for Finance the basis, if any, on which vehicle registration tax has been increased on certain imported motor vehicles; the percentage increase in this regard; and if he will make a statement on the matter. [21864/97]
The basis on which VRT is charged has remained unchanged since it was introduced on 1 January 1993. The tax is charged as a percentage of the open market selling price, OMSP, of each particular vehicle in the State. This means the price, including all taxes, that the vehicle is expected to fetch when sold on an arms length basis by retail in the open market of the State.
In the case of second hand cars, factors such as age, condition and mileage are taken into account. As the market is subject to frequent change, all OMSP's are subject to continuous validation by reference to research of the market carried out by the Revenue Commissioners. This can lead to an increase or reduction in OMSP as appropriate.
