Sri Lanka’s vehicle registrations slow down
View(s):Sri Lanka’s new vehicle registrations nose-dived 18 per cent to 315,902 during the first nine months this year (upto September 2012) from 385,482 during the same period a year earlier, statistics released by Motor Traffic Department revealed.
A statistical report released by the department said that new car registrations fell 39.22 percent to 26,890 in September 2012, from 44,244 a year earlier.
Registration of three wheelers also fell 25.67 per cent to 74,853 during the past nine months from 100,701 a year earlier, the report said.
Motor bicycle registrations fell 17.9 per cent to 154,714 in the same period from 188,441 a year earlier.
Sri Lanka increased taxes on vehicles in February 2012 to excessive levels to curtail imports which is showing in the sector.
Economists have warned that the Finance Ministry move will affect tax revenues, widen a budget deficit and put further pressure on interest rates, the credit system and dollar peg, and delay a recovery from a balance of payments crisis.
Registration of lorries (trucks), whose taxes were reduced in the 2012 budget was up 8.13 per cent to 8,980 upto September, from 8,305 a year earlier.
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