The Vehicle Importers’ Association of Sri Lanka has warned that import taxes on vehicles, currently about 300%, could rise further, with some luxury vehicles potentially seeing tax rates as high as 600%.
Prasad Manage, chairman of the association, said that additional taxes, including VAT, are further driving up vehicle prices.
“There is a special import duty based on the vehicle’s value, a luxury tax, and then an 18% VAT is added on top of these. The total tax is calculated by combining these elements with the CIF value,” he said.
Despite the increase in taxes, Manage indicated that market prices for vehicles are expected to rise only slightly.
He urged citizens not to panic and advised waiting for vehicles to arrive in the country before taking any decision. (NewsWire)
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