Sri Lanka tax privilege for unregistered vehicles already imported

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By Editor_1
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COLOMBO – A privilege given to State workers, denied to ordinary citizens, in the form of a ‘permit’ to slash taxes payable on vehicles would now apply to cars already imported, the finance ministry has said amid a wide ranging trade embargo on imports.

It has said any permit holder would be able to buy a vehicle from a dealer or a domestic assembler at a reduced price reflecting the amount of tax slashed.

The tax off-set could be given by any authorized agent for brand new cars, a vehicle dealer who has a company registered at the Registrar of Companies to import cars or a firm assembling cars in the country, the finance ministry has said, explaining the relevant taxes would be off-set from any car imported by the firms in the future.

Sri Lanka banned vehicle imports after the central bank printed large volumes of money in March and April 2020. Private credit contracted in May and June, but if domestic credit picks up,  excess liquidity can still trigger currency pressure, analysts have warned.

The ruling class made of State workers get tax slashed cars, while the elected officials get completely tax free cars.  Ordinary citizens have pay taxes in excess of 200% for a vehicle in a feudal serfdom-style tax regime.

Elected members of Sri Lanka’s new Parliament are also entitled to tax-free cars, but it is not clear whether the scheme applies to them as well.
-economynext.com

Editor_1
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