FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka


Submit PostSubmit Post
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post



EXPERT CHRONICLE™

ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

CHRONICLE™ NEWS PRODUCTS

FINANCIAL CHRONICLE™

Views & Reviews, Analysis, Evaluations, Discussions, Gossip and Hot Tips relating to Sri Lankan companies listed on the Colombo Stock Exchange (CSE)
Contribute




DAILY CHRONICLE™

Latest news and articles published in Newspapers, Websites, Blogs and other online news sites relating to business and investments in Sri Lanka
Contribute



ECONOMIC CHRONICLE™

This is a section that provide news, views, analysis, predications relating to Political and Socio-Economic factors and how such activities affect the Stock Market and other economic activity of the Country.

Contribute




EXPERT CHRONICLE™

This is an exclusive section for Expert Articles which will help member to share knowledge through comments and responses of the members. All members are allowed to reply and make comments to these articles.

Contribute


Submit Post


CHRONICLE™ YouTube

Youtube Videos and other visual presentations relating Stock market and other investment advise submitted by members or other contributors.

Contribute


Submit Post


කොළඔ කොටස් වෙළඳපොළේ වංශකථාව
කොළඔ කොටස් වෙළඳපොළේ ලැයිස්තුගත සමාගම් කොටස් ගැන තොරතුරු¸විශ්ලේෂණ¸සාකච්ඡා¸ කටකතා¸රසකතා යන සියල්ල අපේම සිංහලෙන් කතා කළ හැකි ‘කතා මණ්ඩපය’

Contribute

Twitter Feeds
POPULAR COMPANIES
A

ABANS ELECTRICALS PLC

ACCESS ENGINEERING PLC Hot

ACL CABLES PLC

ACL PLASTICS PLC

ACME PRINTING & PACKAGING PLC

AGSTAR PLC

AITKEN SPENCE HOTEL HOLDINGS PLC

AITKEN SPENCE PLC

ANILANA HOTELS AND PROPERTIES PLC

ARPICO INSURANCE PLC

ASIA ASSET FINANCE PLC

ASIA CAPITAL PLC

B

BAIRAHA FARMS PLC

BALANGODA PLANTATIONS PLC

BIMPUTH FINANCE PLC

BLUE DIAMONDS JEWELLERY WORLDWIDE PLC

B P P L HOLDINGS PLC

BROWNS BEACH HOTELS PLC

BROWNS INVESTMENTS PLC

C

CARGO BOAT DEVELOPMENT COMPANY PLC

CENTRAL INDUSTRIES PLC

CEYLON COLD STORES PLC

CEYLON GRAIN ELEVATORS PLC Hot

CEYLON TEA BROKERS PLC

CEYLON TOBACCO COMPANY PLC

CHEVRON LUBRICANTS LANKA PLC

COLOMBO FORT LAND & BUILDING PLC

COMMERCIAL BANK OF CEYLON PLC

CITRUS LEISURE PLC Hot

COMMERCIAL CREDIT AND FINANCE PLC

D

DANKOTUWA PORCELAIN PLC

DFCC BANK PLC

DIALOG AXIATA PLC

DIALOG FINANCE PLC

DIPPED PRODUCTS PLC

DISTILLERIES COMPANY OF SRI LANKA PLC

DUNAMIS CAPITAL PLC

E

EAST WEST PROPERTIES PLC Hot

EASTERN MERCHANTS PLC

EXPOLANKA HOLDINGS PLC

E-CHANNELLING PLC

F

FIRST CAPITAL HOLDINGS PLC

G

GALADARI HOTELS (LANKA) PLC

GUARDIAN CAPITAL PARTNERS PLC

H

HATTON NATIONAL BANK PLC

HAYLEYS PLC

HAYLEYS FABRIC PLC

HAYLEYS FIBRE PLC Hot

HEMAS HOLDINGS PLC

HIKKADUWA BEACH RESORT PLC

HNB ASSURANCE PLC

HVA FOODS PLC

J

JANASHAKTHI INSURANCE COMPANY PLC

JOHN KEELLS HOLDINGS PLC Hot

JOHN KEELLS HOTELS PLC

L

LANKA ASHOK LEYLAND PLC

LANKA IOC PLC

LANKEM CEYLON PLC

LANKEM DEVELOPMENTS PLC

LAUGFS GAS PLC

LAUGFS POWER LIMITED

LOLC FINANCE PLC

LOLC HOLDINGS PLC

LUCKY LANKA MILK PROCESSING COMPANY PLC

M

MELSTACORP PLC

N

NATIONAL DEVELOPMENT BANK PLC

NATION LANKA FINANCE PLC

NESTLE LANKA PLC

O

ORIENT FINANCE PLC

OVERSEAS REALTY (CEYLON) PLC

P

PANASIAN POWER PLC

PEOPLE'S LEASING & FINANCE PLC

PIRAMAL GLASS CEYLON PLC

PRIME FINANCE PLC

R

RAIGAM WAYAMBA SALTERNS PLC

RENUKA AGRI FOODS PLC

RENUKA CAPITAL PLC

RENUKA HOLDINGS PLC

RICHARD PIERIS AND COMPANY PLC

RICHARD PIERIS EXPORTS PLC Hot

ROYAL CERAMICS PLC

S

SAMPATH BANK PLC

SEYLAN BANK PLC

SIERRA CABLES PLC

SINGHE HOSPITALS PLC Hot

SMB LEASING PLC

SOFTLOGIC HOLDINGS PLC

SOFTLOGIC LIFE INSURANCE PLC

SRI LANKA TELECOM PLC

SWISSTEK (CEYLON) PLC Hot

T

TEEJAY LANKA PLC

TESS AGRO PLC

THREE ACRE FARMS PLC

TOKYO CEMENT COMPANY (LANKA) PLC Hot

U

UNION BANK OF COLOMBO PLC

V

VALLIBEL FINANCE PLC

VALLIBEL ONE PLC Hot

VALLIBEL POWER ERATHNA PLC

W

WASKADUWA BEACH RESORT PLC


You are not connected. Please login or register

FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka car registrations fall in IQ

Sri Lanka car registrations fall in IQ

Go down  Message [Page 1 of 1]

1Sri Lanka car registrations fall in IQ Empty Sri Lanka car registrations fall in IQ Thu Jun 07, 2012 9:59 am

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
June 07, 2012 (LBO) - Sri Lanka's motor car registrations fell 16.1 percent in the first quarter of 2012 to 12,496, with a steeper 23.3 percent fall to 4,246 in the month of March, official data show.

Interest rates on leases, which are used to buy cars, had gone up steadily since the last quarter of 2011 and the rupee also fell steeply in March, pressured by earlier sterilized sales of foreign exchange by the central bank.

The slowdown in car registrations came ahead of a hike in vehicle taxes by the finance ministry.

On March 31, the finance ministry raised taxes on most vehicles, a standard Sri Lankan knee-jerk reaction to balance of payments crises which are triggered when credit is accommodated and rates manipulated with printed money by the Central Bank.

The most recent balance of payments crisis was partly caused by a sudden surge in credit taken by state energy enterprises to manipulate energy prices from the second quarter of 2011.

The sudden tax hike left many hopeful car owners who had scraped together money to buy a car in great difficulty, in a graphic demonstration of the economic uncertainty that a Sri Lankan citizen suffers in the country.

Sri Lanka's ruling class of elected politicians get tax-free cars, while state workers get tax-slashed cars.

In Sri Lanka import taxes are raised through mid night gazette by rulers - literally while the citizenry is sleeping - with no consultation of the victims. Single-owner car importers had appealed to allow them to import at old prices following the tax hike.

But Treasury Secretary P B Jayasundera told reporters at a recent press briefing that the appeal could not be granted. In that case, such concessions would also have to be granted to others who imported items like milk powder, he said.

"We cannot reduce taxes on anyone. We can give concessions like more time to pay, if they have difficulties, but taxes are imposed according to a law," Jayasundera said.

"If a milk powder user said 'A 92 rupees taxes were imposed on a kilo. Give about six months until learn to drink liquid milk,' what can I say?

"For that man, 92 rupees is as big as the car tax. I do not see the principle. In the import of potatoes or anything else if we imposed taxes giving notice, you know what will happen."

Sri Lanka imposes taxes on even basic foods of people outside the budget, a practice which became rife during the 1970s, worsening the uncertain lives of the citizen.

Taxes are increased outside the budget, usually because rulers spend beyond planned allocations. Nationalist elements also mis-use taxes in the island to influence the consumptions habits of helpless citizens.

Jayasundera said though the last vehicles tax increases were done secretly in the night, with only himself and another person knowing - without the knowledge of anyone in the Treasury - some banks had back-dated letters of credit.

"There should be governance and respect for the tax system," Jayasundera said. "There should be better governance even in banks. We make taxes at mid-night because of that."

In the first quarter bus imports rose 5.2 percent to 1,184, three-wheeler imports rose 13.7 percent to 35,263, motor cycle imports rose 12.8 percent to 67,158, goods transport vehicles rose 34.7 percent to 4,288 and land vehicles rose 40.3 percent to 7,135.

Dual purpose vehicle imports rose 146.7 percent to 4,552, data released by the Central Bank showed.

Total vehicle imports rose 15 percent to 139,373 in the first quarter of 2012 from a year earlier.
http://lbo.lk/fullstory.php?nid=1623539198

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum