Categories: BusinessHeadlines

LNP – Vehicle prices to shift with changes in import tax limits: Importers

If the current tax limits on vehicle imports are changed, the selling prices of vehicles in the market will also be affected, according to vehicle importers.

The Vehicle Importers’ Association of Sri Lanka said that the estimated prices can be calculated once vehicle imports resume under the existing tax rates.

However, they noted that if the government increases the tax rates, then the vehicle prices too will automatically rise, while a reduction in tax rates would lead to lower prices.

Currently, the tax amount levied on a Japanese car in the local market is approximately 300% of its manufacturing price.

The association expressed confidence that the significant increase in the prices of used vehicles—caused by reduced supply due to import restrictions—will normalise with the resumption of vehicle imports.

Tyronne Jayamanne

Recent Posts

LNP – Cabinet approval to increase minimum wage of private sector employees

The Cabinet of Ministers has granted approval to a proposal to increase the monthly minimum…

15 hours ago

LNP – President Dissanayake has written to Donald Trump on US tariffs issue – Minister

President Anura Kumara Dissanayake has personally written to United States President Donald Trump on ways…

19 hours ago

LNP – Modi’s aerial view of Ram Setu on his way back from SL coincides with Lord Ram’s birthday

Indian Prime Minister Narendra Modi, on his way back from Sri Lanka, had a Darshan…

20 hours ago

LNP – Adani Ports shares rise nearly 4% as Colombo terminal operations commence

Adani Ports and Special Economic Zone (APSEZ) shares surged 3.6% to their intraday high of…

21 hours ago

LNP – Railway Dept. to operate 10 special trains for New Year

A total of 10 special trains will be in operation for the convenience of those…

21 hours ago

LNP – MP Chamara Sampath granted bail

New Democratic Front (NDF) Parliamentarian Chamara Sampath Dassanayake, who was arrested over the alleged misappropriation…

21 hours ago