Vehicle prices set to rise from May 1 on SSCL hike

Colombo, May 3 (Daily Mirror) - Imported vehicle prices in Sri Lanka are expected to increase from May 1 following a 2.5% hike in the Social Security Contribution Levy (SSCL) and the continued appreciation of the US dollar.

President of the Lanka Vehicle Importers Association, Prasad Manage, said that the combined impact of higher taxation and currency fluctuations will significantly affect retail prices of popular vehicle models.

According to him, the price of a Honda Vezel could rise by around Rs. 300,000, while a Toyota Raize may see an increase of approximately Rs. 250,000. Meanwhile, the price of a Suzuki Wagon R is projected to go up by about Rs. 150,000.

Importers warn that the increases could place additional pressure on consumers already grappling with the high cost of living, while also dampening demand in the vehicle market.