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No tax hikes on imported vehicles expected

Vehicle Importers Association of Lanka (VIAL) expects no change in the vehicle prices in the country despite speculation that the prices of imported vehicles may be affected by the next budget scheduled to be presented to Parliament in November.

Addressing the media at the National Chamber of Commerce auditorium, VIA President Indika Sampath Merenchige said the rumours among the public that there would be a reduction in taxes imposed on imported vehicles were baseless.

He said the Finance Minister had given the association a pledge that there would be no change in taxes on imported vehicles for a period of two years.

Merenchige said therefore other than rectifying any irregularities that might exist in the valuation method of vehicles, the forthcoming budget was very unlikely to have any effect on prices of vehicles.

The Association said there were yet vehicles available in showrooms had been imported into the country prior to the hike on import taxes.

"These vehicles can be obtained at the same old prices, Merenchige said, adding that since the prices of vehicles were actually increasing, it was the ideal moment to purchase vehicles.
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