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Thursday, 17 August 2017 - 19:34
Tax reduction will increase sale of motorcycles importing from Japan – vehicle importers
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Vehicle importers believe with the latest duty reduction, the prices of mini trucks, single cabs and motorcycles will come down considerably.

The chairman of the Vehicle Importers' Association of Sri Lanka, Indika Sampath Merinchige said the prices of mini trucks and single cabs could come down by Rs. 300,000.

Accordingly, tax on small trucks and single cabs will be cut from the current one million rupees to 700,000 rupees.

The finance minister announced today that duty on motor cycles which are less than 150cc will also be reduced by 90%.

Merinchige said because of this, price of motorcycles importing from Japan will also come down.

The new tax will be based the capacity of the engine and the tax latest reduction will be effective from midnight today.

Minister Samaraweera also said the 10% telecommunication levy imposed on internet data will be removed from 1st of September.

The minister further said the new tax reductions have been introduced to promote youth entrepreneurship.

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