Vehicle imports very risky due to higher prices: Harsha

By Ajith Siriwardana and Yohan Perera

Vehicle imports will be very risky as prices of vehicles have gone up remarkably, SJB MP Harsha De Silva said yesterday.  

Opening the budget debate, he told Parliament that the President stated in his budget speech that the majority of tax revenue is expected from vehicle imports. 

The MP said vehicle prices have gone up remarkably where according to new prices, vehicles such as the Toyota Raize has gone up to Rs. 12.2 million, Toyota Yaris Rs. 18.5 million and a Prius to Rs. 28.9 million.   
“Vehicle import is very risky. Who can afford to import vehicles at this rate? I do not think there will be affluent people to import vehicles at current rates. A big issue has arisen due to this. The President stated in his budget speech that the majority of tax revenue is expected from vehicle imports. Taxes should increase by about 1.6% of the Gross Domestic Product (GDP). About half of that comes from vehicle imports. However, vehicle imports are highly risky,” he said.