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Sri Lankans are paying similar amount of CIF value for Toyota Prius 2016 model being imported custom duty. When asked from a car dealer who assists to import a car via Japanese manufacturer revealed that one model (A touring) would cost for the customer over Rs.7.8m breaking into CIF value of around Rs.4.06 plus local duty of Rs.3.79m.
Recent budget increased the tax for hybrid cars around 100% level not taking into consideration favorable elements to environment & future import fuel bill (in case of rising). With Yen appreciation both values would be higher in the future. Finance ministry expectation is to fill up empty coffers for paying debts. Is government objective met?
Car sales centers are facing difficulties to sell the new models as they are not affordable to even mid- class society. Thereby number of car registration seemed to be dropped in 2016 worsening the amount of revenue expected into coffers.
What would be next policy decision on custom tax? To double up or to reduce in order to meet with budgeted numbers?
Recent budget increased the tax for hybrid cars around 100% level not taking into consideration favorable elements to environment & future import fuel bill (in case of rising). With Yen appreciation both values would be higher in the future. Finance ministry expectation is to fill up empty coffers for paying debts. Is government objective met?
Car sales centers are facing difficulties to sell the new models as they are not affordable to even mid- class society. Thereby number of car registration seemed to be dropped in 2016 worsening the amount of revenue expected into coffers.
What would be next policy decision on custom tax? To double up or to reduce in order to meet with budgeted numbers?
