Luxury Tax will be imposed on several less than 1000CC Vehicles due to Rupee depreciation

Vehicle Importers Association of Sri Lanka says that due to the increase of the value of Japanese Yen and the US Dollar against the Sri Lankan Rupee, several vehicles with engine capacity less than 1,000cc would also be subjected to a luxury tax.

Customers would now have to pay 15% more than the vehicle price, President of Vehicle Importers Association of Sri Lanka Ranjan Pieris had told Daily Mirror Newspaper.

“Earlier, the vehicles bought by the middle-class community were exempted from the luxury taxes but after the rupee depreciated, the luxury tax would be automatically imposed on those vehicles as well,” Pieris said.

Accordingly, the prices of the vehicles Toyota Vitz,Passo,Premio, Axio, Raiz, CHR , Honda CR-V, Suzuki Every Van will be increased.

Meanwhile clearance of vehicles at the Hambantota Port is slow, and the port is concerned that they would not meet the April 30th deadline for clearing imported vehicles.

Port officials say that clearance applications received are very less, and 5,755 vehicles are still lying in their yard awaiting clearance.

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