New taxation on Vehicles

mono wrote:

aj wrote:I wonder how countries inhabited by humans like other countries other than Sri Lanka, don't take double, triple extortions from the citizens and still control the traffic, balance of payments or whatever, oil prices etc.

Those countries have 60% income tax, 80% inheritence tax, 40% corporate tax. 20% tax on capital gains. are you happy with that?

@Mono,

I do not know which country you talk about. But some countries do not have as much tax as you have mentioned. Tax logic is that more you earn more you pay tax. Inefficiency of tax authorities/government should not be a burden on average citizens.

See UK tax rates here.

Apr 02, 2012 (LBO) - Sri Lanka's motor distributor stocks fell in the first hour of trading following a steep hike in tax on vehicles over the weekend though trading volumes were low, brokers said.

United Motors Limited, which has the agency for Japan's Mitsubishi, opened at 108.00 rupees and fell 5.80 to 102.20 rupees, slipping 5.4 percent.
Diesel and Motor Engineering Limited fell 42.20 rupees to 940.00 slipping 4.3 percent.

Colonial motors fell 29.80 cents to 290 rupees on 783 shares traded, falling 9.3 percent.

"To some extent the market had already anticipated and increase in taxes, which is why motor companies have been underperforming the market," Channa Amaratunga, an independent analyst said.

"Together with higher interest rates and a weaker currency, a decline in profitability of motor companies was expected.

"But the extent of the excise duties did take people by surprise."

There was no trading in Sathosa Motors, which has the agency for Isuzu. Commercial vehicles were largely untouched by the taxes, except three wheelers which are used as taxis.

Sri Lanka triggered a balance of payments crisis in mid 2011 by not raising interest rates and engaging in sterilized foreign currency sales despite repeated warnings from independent analysts, economists and the International Monetary Fund to take corrective measures.

The government in particular borrowed heavily from the banking system to manipulate energy prices and keep loss-making state enterprises afloat.

Though corrective steps have been taken in the form of higher energy prices, an increase in interest rates and a reduction in sterilized currency sales by the Central Bank the finance ministry hiked taxes on motor car imports.

Some of the steepest increases have fallen on motor cycles, at time when lady drivers were just starting to use scooters like in many East Asian nations.
http://lbo.lk/fullstory.php?nid=1015280986

I wote and talk for this government

mono wrote:

aj wrote:I wonder how countries inhabited by humans like other countries other than Sri Lanka, don't take double, triple extortions from the citizens and still control the traffic, balance of payments or whatever, oil prices etc.

Those countries have 60% income tax, 80% inheritence tax, 40% corporate tax. 20% tax on capital gains. are you happy with that?

Yes very happy. Because those taxes are used to build roads, public transportation, trams, trains, buses, emergency services, you don't have to worry about buying a car, place to live or buying food. (I'm not talking about USA)

mono wrote:

aj wrote:I wonder how countries inhabited by humans like other countries other than Sri Lanka, don't take double, triple extortions from the citizens and still control the traffic, balance of payments or whatever, oil prices etc.

Those countries have 60% income tax, 80% inheritence tax, 40% corporate tax. 20% tax on capital gains. are you happy with that?

There is a good governance and transperancy exist.
Plus they do not spend on non viable projects.
Our country's curse is we are voting like idiots and ruled by idiots.

Redbulls wrote:

mono wrote:

aj wrote:I wonder how countries inhabited by humans like other countries other than Sri Lanka, don't take double, triple extortions from the citizens and still control the traffic, balance of payments or whatever, oil prices etc.

Those countries have 60% income tax, 80% inheritence tax, 40% corporate tax. 20% tax on capital gains. are you happy with that?

There is a good governance and transperancy exist.
Plus they do not spend on non viable projects.
Our country's curse is we are voting like idiots and ruled by idiots.

The point is about taxation. We have high taxes on consumption other countries have high taxes on income.

mono wrote:

Redbulls wrote:

mono wrote:

aj wrote:I wonder how countries inhabited by humans like other countries other than Sri Lanka, don't take double, triple extortions from the citizens and still control the traffic, balance of payments or whatever, oil prices etc.

Those countries have 60% income tax, 80% inheritence tax, 40% corporate tax. 20% tax on capital gains. are you happy with that?

There is a good governance and transperancy exist.
Plus they do not spend on non viable projects.
Our country's curse is we are voting like idiots and ruled by idiots.

The point is about taxation. We have high taxes on consumption other countries have high taxes on income.

Because we have low income, anyway how much can you tax from 2500

Universalgoal wrote:I vote and talk for this government

sorry thama
next time dont vote for him,vote for his son :Deleted:

This might be a most bizzare idea.

Does this increase in vehicle taxes like cancellation of GSP + for India ? (Especialy motor cycles,three wheelers and low cylinder capacity cars.)

Redbulls wrote:

mono wrote:

aj wrote:I wonder how countries inhabited by humans like other countries other than Sri Lanka, don't take double, triple extortions from the citizens and still control the traffic, balance of payments or whatever, oil prices etc.

Those countries have 60% income tax, 80% inheritence tax, 40% corporate tax. 20% tax on capital gains. are you happy with that?

There is a good governance and transperancy exist.
Plus they do not spend on non viable project.
Our country's curse is we are voting like idiots and ruled by idiots.

mono, you have a good point on taxes. But we have to agree with Redbull.

By Shamindra Ferdinando

The recent increase of duties on vehicle imports, including three wheelers and motor cycles, hadn’t affected ‘privileged imports’, which accounted for a substantial percentage of the total annual imports, private sector sources told The Island.

Asked whether the Opposition would take up the issue, deleted National List MP Harsha de Silva said that there should be social equality in tax policy. The parliamentarian acknowledged that the latest taxes hadn’t been directed at politicians, public officials and professionals.

The government had adopted four specific measures to curtail the rapidly growing trade deficit, limit fuel consumption and increase revenue, the MP said. The economist described measures as depreciation of exchange rate, increase in interest rates, upward revision of fuel and electricity prices and increase in import duty.

Sources said that over the year duty free vehicle entitlement granted to members of parliament had been gradually increased from $ 10,000 to $ 50,000.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=48995