Did you know that you need to pay a tax for new or used imported vehicles? If you have no idea about it and are planning to buy a car, you are at the right place and at the right time.
When you register a vehicle, you are issued a tax registration number. The Vehicle Registration Tax or the VRT is binding for anyone purchasing a car or importing it.
At the time of registration, the VTR gets charged to the person who owns the vehicle. A VRT calculator is a service that many companies provide to evaluate the payable VRT tax.
As you scroll through the end of this article, you will learn many things about VRT, the need for a calculator, its purpose, and its advantages.
VRT is applicable only in the EU and UK, so if you plan to import a vehicle from another country to these countries, you will have to pay the tax. Do you wish to know in detail about the process? So, what are you waiting for?
When is a vehicle registration done?
If you buy a car from a motor dealer, it is their duty to assign you a registration number and must also pay the VAT and VRT due on the vehicle. However, buying a used car or vehicle that does not have a registration number already will have to evaluate the due VRT and VAT utilizing a calculator and pay the due amount.
How is VRT calculated?
The Revenue Commissioners determine the Open Market Selling Price of a vehicle. Based on the OMSP, the Vehicle Registration Tax gets calculated. There is no one fixed variable depending on which the registration tax gets evaluated.
Check out the list below to know the different variables that contribute to calculating VRT:
- The level of CO2 emissions at the time of vehicle manufacturing
- Number of doors, model, make, and types of vehicle
- The date and year of the vehicles original/first registration
- The vehicle’s engine type, variant, mileage, condition
- And lastly, the Irish category in which the car belongs
The Criteria for evaluation of the VRT
For calculating the exact VRT, you will require the following list of details.
- Engine type
- Engine capacity
- Vehicle make
- Irish VRT Category
- EU Classification
- Date and Month of Manufacturing
- CO2 emission
- Vehicle model and body variant
- Number of doors
- Transmission and mileage
Why do you need a Vehicle Registration Tax Calculator?
When you depend on a VRT calculator to evaluate the payable VRT, you save the complication and time required to do this calculation manually. The calculator automatically fills in the full details that are necessary for accurate analysis.
You finally have to submit your registration number and the value due for payment as VRT comes out. As mentioned above, you will have to attain a statistical code for everything on the list such as vehicle model, engine types, and other essential variables.
Once you have the code, you will get all the details required to get your exact VRT value. There are several free and paid calculators available in the market. However, you cannot trust the results of any random calculator.
So, before you make up your mind and choose a VRT calculator, make sure you thoroughly go through the platform and check out its reviews to get a complete idea.