New vehicle registrations slump 39% in August

5 November 2012 06:36 am Views - {{hitsCtrl.values.hits}} 10 Bookmark

CHATURANGA PRADEEP SAMARAWICKRAMA Follow

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New motor vehicle registration during the month of August fell 38.7 percent Year-on-Year (YoY) to 27, 766 amidst import duty increase on motor vehicles, the official data issued by the Central Bank showed.

During August the importation of motor cars fell as sharply as 62.8 percent YoY to 1, 880 while importation of three wheelers and motor cycles also fell 38.7 percent and 36.6 percent YoY, respectively.

The importation of buses too slowed down 38.7 percent YoY to 27, 766 while dual purpose vehicle importation saw a 45.5 percent YoY drop during August.
Meanwhile, new vehicle registration for the period from January to August 2012 fell 14.2 percent YoY to 289, 475 with importation of motor cars and dual purpose vehicles sliding most.

Earlier in the year the government imposed new taxes of as much as 100 percent the import value on most of the imported motor vehicles to ease congestion on roads and reduce the oil import bill amidst a balance of payment crisis. (Indika Sakalasooriya)

Comments - 10

Eco Monday, 05 November 2012 06:48 AM

early signs of a recession

0 3

Lobo Monday, 05 November 2012 07:41 AM

But we still see newly registered vehicles like big SUVs that only the rich can afford, on the roads which means only the middle and low income people were affected by the increase in duties.

0 4

mofaruk Monday, 05 November 2012 10:25 AM

What was the percentage of increase of vehicles imported on permits ? I'm sure its more than 50% increase and not a decline.

0 6

Curious Monday, 05 November 2012 02:33 PM

Sri Lanka being such a small country, do we need all these vehicles all the roads ?

1 3

Ranjith Monday, 05 November 2012 05:09 PM

Import taxes has to be raised even further, may be by another 75%, to reduce vehicle imports. Our roads are already congested to the maximum. So until road infrastructure problems are sorted out its better to control vehicle imports to the maximum.

1 2

Grumpy Tuesday, 06 November 2012 12:35 AM

Every Montero Sport and Kia Sorento we see on the road are duty free vehicles... how can a government servant can afford to buy these even at a duty free cost? All permits have been sold to rich people...

0 3

toto Tuesday, 06 November 2012 02:04 AM

imposing news taxes don't ease road congestion or reduce oil import. Must forbid old ( more than 10 years) cars, trucks, buses, 3wheels because they block circulation when they're brocked, and they also make most pollution with there old motors and are dangerous for anyone on the road

2 0

Channa Tuesday, 06 November 2012 04:05 AM

Relaxing time for RMV staff.....

1 0

Lobo Tuesday, 06 November 2012 04:59 AM

1. First improve the public transport system.
2. Get the non-roadworthy vehicles like those old lorries and buses off the roads.
3. Limit MP's back-up and escort vehicles
4. Introduce a CBD tax like in Singapore to restrict vehicles entering the city during peak times.
5. Shift Govt offices out of the city......

0 6

Ram Tuesday, 06 November 2012 10:50 AM

Bad attitude...

0 1

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