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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Concessions for vehicle imports to boost business

Concessions for vehicle imports to boost business

+3
smallville
Gaja
sriranga
7 posters

Go down  Message [Page 1 of 1]

sriranga

sriranga
Co-Admin
The Government has granted concessions to vehicle importers in a bid to boost the vehicle import business, which has been affected by the increase in taxes imposed last year. The concessions have been granted by the Customs, following discussions held with the Vehicle Importers’ Association of Lanka (VIAL).

Director General of Customs Jagath P. Jayaweera told the Sunday Times that the concessions will enable easy clearance of vehicles from the Port. Accordingly, in consultation, a list of values on frequently imported Japanese models of vehicles have been prepared, facilitating their easy clearance.

Among the concessions granted is that, there will be no cross checking of the value from agents, in the import of a select brand of vehicles. VIAL President Sampath Merenchige told the Sunday Times that cross checking of vehicle prices from the main agent, was a disadvantage, as they usually claimed that the vehicle had been undervalued. This, he said, was being done to deprive them of business.
http://www.sundaytimes.lk/130526/news/concessions-for-vehicle-imports-to-boost-business-46359.html

http://sharemarket-srilanka.blogspot.co.uk/

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
Is this mean will this further affect the sales of the Authorized Local Agents?

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Gaja,

What I understand is, for some famous models, tax % gonna get relaxed with the new concessions.
It seems that our local guys bring down vehicles quoting lesser purchase prices and Customs had been checking the real values by contacting the agent which in turn make them impose the required 'tax' portion.

With the new resolutions, the price quote by the local guys as 'bought' price is not gonna be cross checked for certain popular models.
So, this step has been introduced as an official patch for the laws being stipulated..

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
Smallville,

At present once the vehicle is brought down by any person other than the agent, the clearing agent will have to declare several details including the value additions or special features available then a representative from the agent company will give the valuation for that vehicle.

As per this news what i understood was they pre determine the price based on some method for frequently importing vehicle, so how it will cover the special features?

Due to this price of local market might be well cheap compare with the agents prices so it might effect the sales of the agents further.

Also as per my understanding the results of DIMO is not that positive

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Can we put a knot with this message and recently announced new finance company licence? Can we smell something?

6Concessions for vehicle imports to boost business Empty Good news for motor sector Sun May 26, 2013 7:20 pm

dineshfernando


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
http://www.sundaytimes.lk/latest/33881-concessions-for-vehicle-imports-to-boost-business.html

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Not sure how this will benefit big agents. But it might help some finance companies.

slrkman


Equity Analytic
Equity Analytic
to what companies this news will affect? AMW will not benefit since they mainly focus on indian vehicles. Is there any company involved in importing japanese vehicles?

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