Sri Lanka considers vehicle tax hike to curb imports

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The Sri Lankan government is considering a tax hike on car imports to curb imports and stop the outflow of foreign reserves, official sources revealed. The Sri Lankan rupee depreciation will not be sufficient to slow the demand for vehicles, and the government will be compelled to increase vehicle taxes, an official said adding that a sizable portion of the excess liquidity gained partly by foreign borrowings went into vehicle imports. Sri Lanka's foreign exchange reserves have dropped to around US$ 6 billion from $9 billion, official data showed. Under this set up the Treasury has had to suggest measures to control imports as the country’s fuel bill has also risen in the recent past due to lowering of prices, he added. (Bandula)

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