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Vehicle import tax cut


The government has approved tax cuts up to 50 percent of car import prices to senior state sector workers after nearly halving tariffs on motor vehicles a few months ago, LBO reported this evening.

The proposed tax cuts to be effective from December 15, 2010 are for state sector officials who have served in a senior position for over six years.

Military officers above the ranks of lieutenant colonel, commander and wing commander are entitled to the tax concession.

Professionals attached to the armed forces such as engineers, lawyers, doctors and accountants are also eligible, according to LBO.

Senior university academics with 12 years services are also eligible to the permit. The tax cut is only valid to import brand new vehicles, but vehicles that have been used for less than one year abroad and locally assembled vehicles using brand new parts are also eligible.

Only vehicle up to a maximum of 25,000 US dollars cost, insurance and freight are allowed to be imported under the scheme.

Under the scheme, vehicles with an engine capacity less than 1,000 cc (cubic centimetres) will get a 50 percent tax cut, while vehicles above 1,000 cc but under 1,600 cc are entitled to a 45 percent reduction.

Vehicles under 2,000 cc but over 1,600 cc will get a 40 percent reduction, while vehicles above 2,000 cc but less than 2,600 cc are entitled to a 30 percent reduction on import taxes. The tax cuts are the same for both petrol and diesel powered engines.

Until recently ordinary Sri Lankan´s were paying vehicles import taxes of over 300 percent, while public servants and representatives were given permits to import vehicles tax free under scheme similar to the one announced by the Treasury.

Sourse:http://www.newsnow.lk/latest-news/415



Posted on Thursday, December 16, 2010 @ 09:35:21 LKT

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