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VAT

Upcoming Federal Luxury Tax

Finance announced a new luxury tax in its 2021 federal budget that would apply to new vehicles and aircraft with final sale prices above $100,000 and to new boats with final sale prices above $250,000. In general, the new luxury tax will equal the lesser of:
• 20% of the amount of the total sale price in excess of $100,000 for specified vehicles and specified aircraft and in excess of $250,000 for specified boats, or
• 10% of the total sale price.

Source KPMG

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