Big Black Book

bad ass book of doom? not quite yet...

Wednesday, April 16, 2008

700 : 1!

ABOUT 30 rich men in the country own between 100 and 700 cars each, reported China Press.

Quoting sources from the Road Transport Department (JPJ), the daily reported that these men registered the vehicles under their names for collection purposes.

One of the sources believes the owners had bought the cars to avoid paying income tax. Most of these cars were not used as some owners did not even renew their road tax.

WTF??? Are they nuts??? 700 cars?? That's MADNESS!! As crazy as it seems, they could very well be in the right frame of mind. Could an accountant explain to me how do I escape taxes by buying cars? I thought cars are a liability? Meaning you would lose money once they are bought. That would apply for most cars, not those limited edition or classics ones.

But 700 cars!! Where would I keep 700 cars? I don't think the warehouses in my area can even fit in 700 cars. I live in an area full of factories and warehouses if you don't know that by now. Well I think if he can own 700 cars, he could have own 70 warehouses or maybe a private multi-storey carpark, all for his 700 cars!


It would have looked like this!

7 Comment(s):

kxin said...

hey sorry never been to ur blog... just now gav ask me i baru saja tau u blog too :P sorry sorry!!




WAAAAA serious? 100-700? extreme!!!!

Vincent Tan said...

lol.. it's ok.

yes crazy rich fellas...

Johnny Ong said...

the reporter that wrote 'buying cars to avoid taxes' must be crazy.

the more cars u buy, the income tax dept would track u down even more. they will check whether u cld afford those cars or not and if u do, what's yr tax liabilities like or how much u pay per year.

Vincent Tan said...

I saw it on asiaone and it appeared in the newspaper, The Star or was it Straits Times the next day!

Can't trust the media nowadays?

Johnny Ong said...

oh the media ahhhhhh? what media? we have media here?

tokmoh said...

Heard that it could be a JPJ error.

Chips Yap from Motortrader n Autocar Asean said that he was once summoned after 2 years he'd sold the car. Biasalah......Msia boleh.

Vincent Tan said...

tokmoh : Hmm.. That explains it. JPJ.. Hmph! N they dare issue reports like this!