CHATURANGA PRADEEP SAMARAWICKRAMA 
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'Give concessions to import vehicles below 1,500cc'
Colombo, July 8 (Daily Mirror) - The Inland Revenue Staff Officers' Association (IRSOA) urged the government to grant tax concessions for importing vehicles with engine capacities below 1,500cc instead of prioritising the import of higher-capacity vehicles that drain more foreign exchange.
Addressing the media, IRSOA Secretary J.T. Chandana said a significant number of high engine capacity vehicles are currently being imported, placing added pressure on the country's foreign reserves.
“Importing vehicles with higher engine capacities consumes a larger share of foreign exchange. If the government allows tax concessions for vehicles under 1,500cc, people will be able to bring in more affordable, fuel-efficient vehicles at a lower foreign exchange cost,” Chandana explained.
He noted that for the foreign exchange spent on a single high-capacity vehicle, around 20 to 25 low-capacity vehicles could be imported.
Chandana also pointed out that if the country faces a foreign reserve crisis again, restrictions on vehicle imports will be unavoidable.
“It is up to the government to decide on its financial policies and control import processes, but should foreign exchange shortages arise, limits on imports will become necessary once more,” he added.
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