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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Vehicle Tax

Vehicle Tax

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1Vehicle Tax Empty Vehicle Tax Sat Jan 31, 2015 8:01 am

Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Sri Lanka’s government taxed individual car importers
Jan 30, 2015 (LBO) – Sri Lanka’s new government impose an annual license fee of 1.5 million rupees irrespective of the fact whether importers are engaged in importing brand new or used vehicles, Finance Minister said yesterday.
“At present, there are many deficiencies in regulations pertaining to vehicle importation and trading industry,” Ravi Karunanayake, Finance Minister of Sri Lanka said while presenting the interim budget 2015 in parliament.

“In particular, there are a number of importers who do not follow the regulations of the relevant authorities and try to avoid formal channels or to make various manipulations wherever possible,”

“This situation has resulted in a significant revenue loss to the government.”

He said this measure has been taken to encourage people who are engaged in genuine vehicle business which was suggested by Sri Lanka's car importers associations.

However this tax will take away the freedom of individual citizens to import cars and open paths for registered car importers to earn 'fees' from individual importers.

“The present practice of anybody and everybody resorting to be importers will cease with the Motor Vehicle Importers Association invited to provide a listing of registered vehicle importers to facilitate the proposed licensing process.” Karunanayake said.

2Vehicle Tax Empty Re: Vehicle Tax Sat Jan 31, 2015 1:46 pm

Senior Citizen

Senior Citizen
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Quibit wrote:Sri Lanka’s government taxed individual car importers
Jan 30, 2015 (LBO) – Sri Lanka’s new government impose an annual license fee of 1.5 million rupees irrespective of the fact whether importers are engaged in importing brand new or used vehicles, Finance Minister said yesterday.
“At present, there are many deficiencies in regulations pertaining to vehicle importation and trading industry,” Ravi Karunanayake, Finance Minister of Sri Lanka said while presenting the interim budget 2015 in parliament.

“In particular, there are a number of importers who do not follow the regulations of the relevant authorities and try to avoid formal channels or to make various manipulations wherever possible,”

“This situation has resulted in a significant revenue loss to the government.”

He said this measure has been taken to encourage people who are engaged in genuine vehicle business which was suggested by Sri Lanka's car importers associations.

However this tax will take away the freedom of individual citizens to import cars and open paths for registered car importers to earn 'fees' from individual importers.

“The present practice of anybody and everybody resorting to be importers will cease with the Motor Vehicle Importers Association invited to provide a listing of registered vehicle importers to facilitate the proposed licensing process.” Karunanayake said.

What did the introduction of environmental / fitness certificates being made mandatory for vehicles do for the environment? Pollution is worsening by the day in the cities and the same old vehicles are running with all the pollution taking place. Those measures only provide the contractors who are known by the ruling MPs richer.

So actually, now what will happen is that we are compelled to pay a higher fee to the importing vehicle dealer.

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