Sri Lanka has imposed a surcharge at the rate of 50% of the Customs Import Duty on vehicles imported after May 15, 2026. This is applicable for three months.
Motor vehicle industry officials said that this is aimed at reducing imports of vehicles to the country in view of the continued depreciation of the rupee.
This will definitely impact on people’s purchasing power in the future and as a result it will reduce new imports of vehicles by around 20 per cent, Vehicle Importers Association of Sri Lanka spokesman Madhushan Mannapperuma told Times OnLine.
He said this would mean small cars will go up in price by approximately Rs.500,000; medium range vehicles will see a price hike of approximately Rs.800 – 900,000; and luxury vehicles will see prices increase ranging from approximately Rs.2.5 million upto Rs.5 million. (SD)
Read this week’s Sunday Times for your interesting articles
Read this week’s Sunday Times for your interesting articles
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