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Friday, 03 August 2018 - 15:14
Rising trade gap : Reason for tax hike in small cars
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Central Bank Governor Dr. Indrajith Coomaraswamy says traffic congestion was not the only reason to increase the import tax of vehicles less than 1000 cc.
 
Addressing the media at the Central Bank this morning, he said controlling the rising trade gap was also factored in that decision.
 
He noted when the trade gap increases, it would also impact the debt portfolio as well as the devaluation of the rupee.
 
In turn, he said the cost of living would also rise.

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