Duty slashed on motorcycles, mini trucks and single cabs
August 17, 2017 03:29 pm
The ad-valorem excise duty rate of 90% imposed on motorcycles with an engine capacity less than 150cc will be removed with effect from midnight today (17), Finance Minister Mangala Samaraweera said.
The duty is charged based on engine capacity. The ministry said that a substantial price reduction will happen, particularly for Japanese motorcycle.
Meanwhile the excise duty on mini trucks and single cabs has been reduced by Rs 300,000 with effect from midnight today. Accordingly, the present duty rate of 45% or Rs 1 million has been reduced to Rs 700,000.
The present sales price is expected to reduce by Rs 300,000.