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Sri Lanka slashes vehicles import duty by 50%
Jun 01, 201002:20 PM
Sri Lanka has slashed an import excise duty on vehicles by 50 percent, lifted a general 15 percent surcharge on all imports and slashed duties on electronic items with effect from today, an official said.
The slash in vehicle import duty is expected to especially help lift car import numbers to the country as cars are taxed on average 300% upon import.
Car imports began to fall starting 2007, and in 2009, only 329 cars were registered. Business sources said that the actual tax on cars was even higher due to pricing methods of Sri Lanka customs.
A 10% tax reduction is also given today to electronic items imports such as watches and cameras.
