how to transfer a company owned vehicle

[seech7195]

I need to know the procedure for transferring a company owned vehicle to my name. Som1 said that I won't have to pay transfer tax becuz its a company vehicle which was vat registered. Need some clarification as to the procedure and documents/steps required from the company to be exempted from transfer tax. Vehicle is almost 5 years old. Thanks for any advice

[9YDMS]

You need to have the company stamp on the receipt & transfer form...letter of authorization...

[9YDMS]

The transfer tax exemption I cant recall how that works..think you need to have something stamped in IR or without that you just pay the regular transfer fee

[seech7195]

Thanks calor

[BLUE_CP9A]

The VAT office needs to approve the VAT Invoice before you can be exempt from the transfer fee(you will still pay $10 at licensing office though). You will need to carry the tax invoice with a recent valuation, certified copy and proof of insurance( if the certified copy is not recent) to the VAT office, once they are satisfied they will give a letter addressed to the licensing office and stamp you invoice.

[seech7195]

Is the company supposed 2 do this or me? And the tax invoice,dat would be the invoice that d company has wen the vehicle was 1st purchased by dem or are dey supposed to do an invoice 4 me purchasing the vehicle from?
How do i get the valuation for the vehicle?

[9YDMS]

Usually the seller(company) sorts this out...the valuation is done privately at places like motor critic etc..

[BRZ]

YUP- Seller has to have the vehicle Valuated, cannot be a valuation over 6 months old, then together with the invoice, the valuation must be taken to VAT office to approve, then one they stamp you can proceed to transfer at licensing.

[BLUE_CP9A]

1. Seller (Company) has to produce a TAX invoice for the Sale Amount including VAT (Price you are paying for the car)

2. They need a recent valuation to confirm the current market value (VAT will be based on the current Market value)

3. Invoice will have to go to VAT office along with supporting documents (Valuation, certified copy and proof of insurance(if the certified copy is not recent) to be checked and approved.

4. Once VAT approves and they give you the accompanying letter, you have 7 days to transfer the vehicle.

If the vehicle is being sold at book value and if this is less than market value, you still have to pay vat on Market Value;

Example
Valuation report says Market Value is $115,000.00 vat Inclusive but you are getting the car for book value $10,000.00 + VAT, you final invoice will have to be as below;

Book Value - $10,000.00
Vat on market Value - $15,000.00

Grand Total - $ 25,000.00

Vat Office will not approve VAT based on the book value such as below;

Book Value: $10,000.00
Vat on book Value:$ 1,500.00

Grand Total: $11,500.00 (this will not be approved as you must pay vat on the market value)

Hope this helps.

[seech7195]

Thanks 4 all advice guys. So if i buy the vehicle 4 less dan the valuation value of vehicle i must pay vat on the price i paid?

[pete]

Forget the VAT and pay the transfer fee. Think we been doing that since the stupid VAT on market value thing came about.

[seech7195]

any1 knows the transfer tax for tcp series?

[9YDMS]

Under 2 Years $ 6000.00 TTD
2 to 5 Years $ 4500.00 TTD
5 to 7 Years $ 3000.00 TTD
7 to 10 Years $ 1350.00 TTD
Over 10 Years $ 150.00 TTD

[seech7195]

does a vehicle have to be inspected before transferring?

[Monk BANzai]

1. Seller (Company) has to produce a TAX invoice for the Sale Amount including VAT (Price you are paying for the car)

2. They need a recent valuation to confirm the current market value (VAT will be based on the current Market value)

3. Invoice will have to go to VAT office along with supporting documents (Valuation, certified copy and proof of insurance(if the certified copy is not recent) to be checked and approved.

4. Once VAT approves and they give you the accompanying letter, you have 7 days to transfer the vehicle.

If the vehicle is being sold at book value and if this is less than market value, you still have to pay vat on Market Value;

Example
Valuation report says Market Value is $115,000.00 vat Inclusive but you are getting the car for book value $10,000.00 + VAT, you final invoice will have to be as below;

Book Value - $10,000.00
Vat on market Value - $15,000.00

Grand Total - $ 25,000.00

Vat Office will not approve VAT based on the book value such as below;

Book Value: $10,000.00
Vat on book Value:$ 1,500.00

Grand Total: $11,500.00 (this will not be approved as you must pay vat on the market value)

Hope this helps.

valuable info. Thanks

[seech7195]

Thanks for all info provided. Got through with my transfer

[ADONI]

Guys any details on transferring a vehicle from one company to another? Basically, the company merge (Parent company absorb the child company) and changed to one name, but two separate BIR numbers. Vehicles were bought under the child company.

[TrinbagoMan]

What are the procedure to buy a vehicle for an NGO?

[vidish]

Anyone knows what documents are required to transfer from a company to personal

[pugboy]

everything is in this thread, you cant just transfer

it is a company asset and has to be sold at around the right valuated figure
if company is vat registered you/they need to take that into account as if the company was to get audited they will have to show vat collected on sale of the vehicle

Anyone knows what documents are required to transfer from a company to personal