29 June 2016 11:39 pm
“The exchange rate of the Japanese Yen had increased by 1.45 compared to the Sri Lankan Rupee. As a result the price of vehicles imported from Japan would be increased in a price range of Rs. 300,000 to 400,000,” he said.
He said prices of motor cars, jeeps and vans would be increased.
Meanwhile, the Finance Minister in his Gazette notification issued on June 14 said:
“Regulation to prescribe a method for determination of Customs Value of vehicles imported and classifiable within the HS heading of 87.02, 87.03, 87.04, 87.05 and 87.11 of the Harmonized Commodity Description and Coding System.
“All Customs duty and other duties and levies payable at the time of importation of motor vehicles shall be calculated on the basis of such Customs Values until further notice.
“The Customs Value of a motor vehicle not coming under brand new motor vehicle shall be the invoice that should not be below 85 percent of the transaction value (Excluding applicable local taxes) of a similar or identical brand new vehicle, at the country of export, of such vehicle,” the Gazette notification said. (Chaturanga Pradeep)