Home / Front Page/ Government to revise import duty on small cars and hybrid vehicles

Government to revise import duty on small cars and hybrid vehicles


Comments / {{hitsCtrl.values.hits}} Views / Thursday, 9 August 2018 00:56


By Skandha Gunasekara

The Government expects to revise the import duties imposed on small cars and hybrid vehicles in the near future, depending on national economic factors, Prime Minister Ranil Wickremesinghe told Parliament yesterday.

Responding to a question raised by Joint Opposition MP Bandula Gunawardana, the Prime Minister said that the minimum duty rates of Rs 1.5 million and Rs 1.25 million, for cars with an engine capacity below 1000cc and hybrid vehicles respectively, were imposed due to the increase in vehicle import expenditures having a negative impact on the balance of payment levels.

The Premier said the vehicle import expenditure had risen to $666 million within the first five months of 2018, in comparison to the $316 million in the same time period in 2017.

He noted that the expenditure for the importation of cars with engine capacities below 1000cc and hybrid vehicles had been 51.3% of the total vehicle importation cost in 2017, which has risen to 78.9% in 2018.

In addition, the Premier rejected claims by MP Gunawardana that those who had opened letters of credit to import small cars before August this year were allowed to clear their vehicles without paying the recently increased import duty.


 

US sanctions on Iran may cause local fuel price hike: PM

 

Prime Minister Ranil Wickremesinghe told Parliament yesterday that a fuel price hike was imminent, as a result of the US economic sanctions imposed on Iran.

The Premier made this statement while responding to a question raised by Joint Opposition MP Bandula Gunawardana regarding vehicle import duties.

“The US sanctions on Iran could affect Sri Lanka adversely. We don’t know whether this would result in an oil price hike, as Sri Lanka currently imports Iranian crude oil. However, we will have to be prepared to face any adverse situation,” the Prime Minister said.

He said the current trade war between China and the United Sates would also have an effect on the island.The Premier said that Sri Lanka must be prepared to face such situations caused by global developments.  

 


Share This Article

Facebook Twitter


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

An efficient energy sector for economic growth

Tuesday, 22 October 2019

When I saw the advertisement about an Energy Forum organised by PUCSL for a Policy Dialogue on the importance of an efficient energy sector for economic and investment growth, I was very happy as I have been interested in this relationship for more t


Will the rule of law, ethics, and morality be above family rule and crony rule?

Tuesday, 22 October 2019

The two main contenders for the Presidency of Sri Lanka are Gotabaya Rajapaksa and Sajith Premadasa. That is stating the obvious. No doubt, some others may have a limited impact on the outcome. Minority votes may benefit Premadasa, while the Sinhala


Botched airport opening ceremony: Sri Lanka cries

Tuesday, 22 October 2019

Last Thursday (16 October) was a great day for Sri Lanka; the Jaffna International Airport was opened. It offered a great opportunity for integrating Jaffna with the rest of Sri Lanka; for tourists from Tamil Nadu (the largest number of tourists comi


Ministry of Tourism: A nation rich in hospitality

Monday, 21 October 2019

This series is based on business leader Dhammika Perera’s recently revealed ‘Economic Growth Strategy and Action Plan to increase GDP Per Capita from $ 4,000 to $ 12,000’. The document outlines goals and action plans for 23 ministries and today


Columnists More