Smaller vehicle prices down through interim budget

The interim budget of the new government today (29 January) proposed to reduce the import tax on motor vehicle of less than 1,000 cc engine capacity.

Meanwhile, the depreciation tax value on the import of hybrid motor vehicles would be removed from midnight today, said Finance Minister Ravi Karunanayake.

While expressing his views to www.adaderanabiz.lk, Sri Lanka Motor Vehicle Importers’ Association chairman Indika Sampath Merinchege said through the removal of the depreciation tax value would mean something like increasing the tax by 10 per cent imposed on the import of around a two old hybrid vehicle.

“This will result in a definite increase in prices of hybrid motor cars. This proposal is equivalent to increasing the tax on these vehicles by 10 per cent,” Said Sampath Merinchege.

Read more - http://www.adaderana.lk/bizenglish/smaller-vehicle-prices-down-through-interim-budget-while-hybrid-process-rise/