The cost of vehicle registration in the KR may be reduced by three times
The government of the KR proposes to reduce the cost of vehicle registration.
The Ministry of Justice of the KR, which initiated this idea, emphasizes that amendments to the KR resolution "On the registration of vehicles, installations, and equipment" have been made to make it financially beneficial for citizens to register a vehicle rather than to issue a power of attorney. Statistics show that more than half of vehicle sale transactions are conducted through the issuance of a power of attorney with the right to dispose of and receive funds from the buyer. Currently, the cost of officially formalizing a sales contract exceeds several times the cost of issuing a power of attorney.
At present, in cases of administrative offenses, the owners of the vehicles on which the car is registered are held liable, while in reality, the owner of the car is a completely different person to whom the power of attorney is issued," the explanatory note to the draft law states.
According to the amendments, it is proposed to reduce the fee for re-registration of a vehicle from 1% of the average market value of the vehicle to 0.3%.
