Will new taxes be imposed on vehicles?

24 December 2024 10:56 am Views - {{hitsCtrl.values.hits}} 18 Bookmark

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Colombo, Dec 24 (Daily Mirror) - In response to queries about the potential introduction of new taxes on imported vehicles, Cabinet Spokesman Nalinda Jayathissa said today that the Finance Ministry will make an official announcement regarding taxes in the future.

Addressing remarks made by vehicle importers, who suggested that the government should allow the import of hybrid vehicles used in Japan (up to 7 years old) following the lifting of restrictions on private vehicles, the Minister said at the briefing to announce Cabinet decisions that the Cabinet had not discussed this issue.

He said that the matter could be considered if a formal proposal was submitted by the Finance Ministry following a discussion with vehicle importers.

Comments - 18

Ylg Tuesday, 24 December 2024 11:05 AM

Please keep vehicles cheap.

2 14

Sokrates Tuesday, 24 December 2024 11:10 AM

The import duty for vehicles in Sri Lanka is already the highest in the world. However, what needs to be increased is the annual tax on vehicles, which must be higher the larger the engine capacity of a vehicle is. (Commercial lorries and buses for public transport must of course be taxed differently) In addition, a luxury tax should be levied on luxury vehicles.

6 14

nizam Tuesday, 24 December 2024 12:42 PM

First reduce the cost of the existing vehicles which are still being sold at unjustifiable prices on vehicle sights so those who cannot afford but voted for you to receive some sort of relief benefit as there are so many without a vehicle and waiting. Give preference to those who can just afford a used vehicle first as there is no justifiable reason for prices of used/old vehicles to be sold at these high prices now.

0 7

sam Tuesday, 24 December 2024 11:33 AM

7 year old vehicles will require spares. Keep the age to 3 years.

12 28

niran Tuesday, 24 December 2024 12:27 PM

Attention All-,CBSL to Monitor to regulate a law for Online loan providers as they Register under Pvt Ltd software companies with foreign connection and do financial business in large scale for years and lend money through web app on Exorbitant interest Rate of 35% to 65% per month, to avoid CBSL and Income Tax Dep ,Plus( if delay in due date another 10% per every 10days plus 2.2% daily Interest added to total Loan Dues to 250% ),such Loan Mafia companies are Fino.lk, Loanme.lk , Fastrupee.lk, , Cash X.lk , Lotus Loan.lk, onCredi.lk. Loan Plus.lk, and its a Daylight robbery of innocent customers hard earned monies and it’s a debt trap, as bank interest rate is less that 3% per month. CBSL should intervene and Bring a law to recover the Exorbitant interest Paid by innocent customers in the Past and to return the excess paid interest to customers from the below Online lenders.

0 5

Mana Tuesday, 24 December 2024 12:55 PM

Lifting the ban on vehicle imports needs to be taken very carefully due to two reasons. First, its impact on exchange rate and reserve. I am sure that political leaders and officials may have thought out it already. The second impact is on savings. Right now financial institutions are advertising various loan/leasing schemes for vehicle purchases. Limited savings in the economy will end up in financing consumption activities when the economy badly needs investment in productive sectors. No loans for productive investments, but financial institutions supply funds for vehicle imports. Government should understand the implications for domestic investment and discourage financial institutions lending for vehicle imports

0 3

Ranga Tuesday, 24 December 2024 04:27 PM

Sorry wrong economics Imports never affect your reserves please check Dananaths explanation There is this misinformation that import affect the Rupee and Reserves We busted the Rupee due to incorrect central bank policies then used reserves to eat and survive

0 0

Lester lester Tuesday, 24 December 2024 01:26 PM

3 Years need to be the strict limit for used Vehicles and Brand New is the best. other wise the car exporters from japan will dump all the garbage vehicles in unlimited numbers. and also Sri lanka FX must be protected other wise we can see the next finacial disaster with in 2025. sri lanka need to move step by step to manage this area

2 9

Citizen Tuesday, 24 December 2024 01:33 PM

Sri Lankan vehicle prices are already skyrocketing due to high degree of taxes. Please be reasonable.

0 8

Trehan Munasinghe Tuesday, 24 December 2024 02:18 PM

Vehicle prices are unrealistic, unreasonable and simply put absurd, vehicles are not Gold or Real Estate to appreciate in value, 1st get that system right, All Government have been pandering to the vehicle mafia and certain vehicle exporting countries for decades, think of the people, those who wish to own a vehicle should be able to at a reasonable price, that is the dream of most Sri Lankan's. Whilst encouraging public transport when we move from the 3rd world lorry chassis buses crap to actual buses then people who also have private vehicles will make the shift, otherwise this cycle will continue. Duty on vehicles should be reasonable and not outrageous like it is in Sri Lanka, also we should look at 2 -5 yrs old for private vehicles as those are considerably cheaper than the brand new ones advertised with the current duty structure, not all people can buy brand new, or unregistered used car most are waiting to buy the already used cars in Sri Lanka when the prices drop

0 3

Priyan66 Tuesday, 24 December 2024 02:24 PM

make bus specifications to avoid import of "lorry busses"; which have no safety or comfort

0 3

amda Tuesday, 24 December 2024 02:32 PM

Importers will send old vehicles in the same price of less 500 usd of new vehicles. Nothing will be cheaper. Sri lankans are everywhere.

0 1

P K Eran Tuesday, 24 December 2024 02:44 PM

Are you happy now?

0 1

NV Jen Tuesday, 24 December 2024 02:56 PM

Cars and vans to be restricted to less than 3 year old at the time of imports, while for buses it should be 5 years. Otherwise the emissions will be high from such vehicles, while considerable amount of FX will be spent to import spare parts.

1 6

HH Tuesday, 24 December 2024 04:42 PM

Showroom prices of motor cars in Sri Lanka are already 4 to 5 times higher than other countries like India or Gulf. This is mainly bz of higher tax rate. Higher tax rate must be reduced for non-luxury cars to develop a country.

0 0

Wiraj Tuesday, 24 December 2024 05:50 PM

Nowhere in the world the used car prices are so high. Many owners sell at much higher prices than they have bought it. It's peculiar and paradoxical.

0 0

Asf Tuesday, 24 December 2024 06:42 PM

Age of the vehicle should be between 3-5 year. This will stop importing older vehicles into the country. Further govt should consider revising tax for hybrid and EV vehicles as there will be a savings on importation of fuel.

0 0

Karalasingam Sivalingam Tuesday, 24 December 2024 08:32 PM

Lifting vehicle imports is not a necessity when the country is bankrupt. This is similar to ertilizer ban by Gota. Let's not face such scenarios again. Our roads should be developed/widen before importing vehicles. Buses and Three-wheelers should be disciplined' distance between two vehicles should be laid down for road safety.

0 0

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