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Used vehicle prices to go up

22 November 2013 10:31 am - 22     - {{hitsCtrl.values.hits}}

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The prices of used vehicles imported to the country would rise, as the government has changed the depreciation rates applied on customs duty on used vehicles in the 2014 budget, Vehicle Importers Association Chairman Mahinda Sarathchandra said.

The tax currently imposed on used vehicles based on value depreciation was 90% for vehicles used up to six months old, 80% for those used from six months to a year, 75% for vehicles used from a year to 18 months and 70% for vehicles used for 18 months to two years. However, according to post-budget rates a 90% tax would be imposed on all vehicles used for up to two years.

Mr. Sarathchandra said the new tax increase would result in the prices of small cars and three-wheelers being increased by 8%, and diesel vans and double-cabs by 6% and 7% respectively. (Ajith Siriwardana & Pradeep Chathuranga)



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  Comments - 22

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  • tony Saturday, 23 November 2013 04:54 AM

    HOW CAN IT AFFECT THE MINISTERS AND MPS THEY ARE GIVEN DUTY FREE VEHICLES AND A LOAN TO BUY THEM. AFTER THAT THEY SELL THE VEHICLES AND MAKE GOOD PROFIT. SOME EVEN SELL THE PERMITS FOR OVER 10 MILLION

    c.lee Monday, 25 November 2013 01:27 AM

    no machang he should be one of the economics adviser of regime.

    R.Wijewira Sunday, 24 November 2013 12:40 PM

    Just to get the facts right, Cars imported from India are not used cars. They are BRAND NEW. This law will not affect those new vehicles.

    R.Wijewira Sunday, 24 November 2013 12:29 PM

    Wow! Great theory. You should be should be in the next list of nominees for Nobel prize for Economics.

    Shaik Anwar Ahamath Saturday, 23 November 2013 12:24 PM

    If the objective was to raise revenue, this is a bad move as there will be less imports. What they should have done was to raise the taxes on the vehicles already here and the people have no choice but to pay. It is time for joined up thinking and learn from other countries the art of raising revenues. E.g. Malaysia offers incentives for Western pensioners to reside there. We, on the other hand introduce barriers.

    lalith Saturday, 23 November 2013 09:50 AM

    yes.in addition itwill boost the sales of MIcro cars & hence ...........

    lalith Saturday, 23 November 2013 09:47 AM

    pinibanne yanne epa obatumage oluwa bohomawatinawa

    Stefen Saturday, 23 November 2013 08:02 AM

    This is good news. This will negatively impact the Indian auto industry. Why are we importing Indian cars when they are oppressing the minorities in Kashmir? This is a good move by the Government and maybe we can now sign long term trade pacts with countries like Malaysia, China and Pakistan. The Pakistan government have also promised help to develop our auto industry and make it hub for the region.

    Chands Saturday, 23 November 2013 07:24 AM

    karume thamai

    Yuri Saturday, 23 November 2013 04:58 AM

    you are typically Sri Lankan. you did think about building roads.

    Azam Saturday, 23 November 2013 04:58 AM

    well practically the CIF values of the vehicles within the 6 months from the date of manufacture are very high almost closer to the brand new price which means the impact is huge since the customer is forced to pay a big price unlike your theory. and the strategy of this implementation is nothing but to encourage the brand new Indian vehicles.

    T Wickramaratna Friday, 22 November 2013 11:01 AM

    Reduce duty on electric cars

    tony Saturday, 23 November 2013 04:52 AM

    SO YOU DONT WANT THE LIVING STANDARD TO GO UP

    Jayantha Jayamanne Saturday, 23 November 2013 04:22 AM

    All these rules and regulations surely will not apply the Ministers & Deputy Ministers of UPFA.

    Jayantha Jayamanne Saturday, 23 November 2013 04:20 AM

    People will curse the Govt. for this nasty act.

    SADA Friday, 22 November 2013 11:47 AM

    Congratulations F M

    andarademaalk Friday, 22 November 2013 11:37 AM

    Woow. What a theory. You have rewritten philosophy of the development of a country.

    sobers Friday, 22 November 2013 11:16 AM

    Yes, all the increases on tax to maintain an expensive public service comprising over staff and for Ministries etc.. the poor public becomes more poorer.

    NishV Friday, 22 November 2013 11:14 AM

    There is no additional tax imposed on used vehicles under 6 months. So theoretically there should not be a price increase for that category ? This basically impacts on any vehicles used over 6 months. In a way this will push consumers to import less used/newer vehicles. Probably a good strategy.

    zeereez Friday, 22 November 2013 11:12 AM

    This is a very good move and also its good to move the vehicle prices up as there are too many vehicles on the road. Poeple who really need vehciles will buy any way even at a higher price. excellent move by the HEP.

    Pradeep Friday, 22 November 2013 11:08 AM

    That means Government intend to encourage to import brand new vehicles,

    raspi Friday, 22 November 2013 11:06 AM

    Yeah this is what we need right now. we should buy brand new bullet proof benz cars. LOL


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