The Chairman of the Sri Lanka Vehicle Importers Association, Mr. Prasad Manuge, stated that vehicle import taxes could rise by up to 600% following the approval to resume vehicle imports starting February, after a five-year hiatus.
He explained that the inclusion of VAT on top of three existing tax categories would significantly impact the cost of vehicle imports. A gazette notification regarding the imposition of taxes on vehicles not older than 10 years from the date of manufacture was issued by the Minister of Finance, President Anura Kumara Dissanayake, on the 10th.
