Vehicle+prices+likely+to+further+increase
Wednesday, 28 August 2019 - 19:23
Vehicle prices likely to further increase
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The Vehicle Importers claim that the Government is planning to impose a luxury tax on vehicles if the value of each one exceeds 3.5 million rupees.

The Vehicle importers point out that the prices of most of the imported and locally assembled vehicles will increase accordingly.

The luxury tax was imposed on diesel and petrol vehicles which exceed their engine capacities of 2 thousand 3 hundred, 1 thousand 8 hundred respectively.

Electric vehicles exceeding the engine capacity of 200 kilowatts and dual-purpose vehicles exceeding the engine capacity of 2 thousand 2 hundred were also brought under this tax by the budget presented on the 5th of March.

However, according to the gazette issued by Finance Minister Mangala Samaraweera on the 22nd of August, this tax will be imposed on vehicles which are registered after the 1st of July this year in spite of their engine capacity.

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