Wednesday, April 18, 2012

Sri Lankan President relaxes restrictions on used vehicle imports

Sri Lanka's vehicle importers met with the Sri Lankan President Mahinda Rajapaksa today at the Temple Trees to discuss the restrictions and levies imposed by the Ministry of Finance on the vehicle imports. 

Following the meeting with the Vehicle Importers Association a decision was taken to relax the age limit of reconditioned vehicles. 

Accordingly, the age limit for reconditioned cars has been increased to two years from the previous limit of one year and the age limit for commercial vehicles has been increased to four years from the previous limit of three and half years. 

On a request made by the Vehicle Importers Association for revision of the duty structure, President had explained that higher duty structure cannot be changed since revenue safeguards were important in the current context.

 The government raised taxes significantly on motor vehicles effective March 31, 2012, as a measure to arrest the growing trade deficit and curtail the expenses the government incurring in importing fuel. 

Deputy Minister of Finance and Planning Geethanjana Gunawardena, Secretary to the Ministry of Finance Dr. P.B. Jayasundera, President's chief of Staff Gamini Senarath were also present at the discussion. 


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