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Duty-slashed vehicles can be sold after three years

The new category of public officials, who were granted permission to import motor vehicles on concessionary terms from December 15, will be allowed to transfer their vehicles after three years, down from the five-year restriction imposed earlier for transferring of such vehicles.

The Motor Traffic Commissioner has been informed by the Treasury that those who import vehicles under the latest concessionary scheme should be allowed to transfer their vehicles within three years from the day on which they import or purchase the vehicle.

Under the Finance Ministry circular issued a month ago, public officials holding administrative, managerial and professional posts in the public service or state enterprises are allowed to import motor vehicles or purchase locally-assembled vehicles with new parts and accessories under concessionary terms.

The scheme became effective on December, 15, 2010. Those who benefit from this scheme include officers who have completed six years of continuous or active service at a ‘senior level” in public institutions, appointed by a Cabinet decision, and executive officers, chartered engineers, chartered accountants, chartered architects and lawyers who have completed 12 years of active service and confirmed at a public enterprise other than state banks and non academic cadre of state universities.

Directors, engineers, architects and lawyers and other officers of the same level who have been appointed to special projects of the government and have completed 12 years active service too will benefit from this scheme, Under this scheme, either a brand new vehicle or one used for less than a year can be imported with a maximum cylinder capacity of 2000 cc for petrol and 2,600 for diesel vehicles.

The tax concessions start at 50 per cent for 1000cc vehicles, 55 per cent for 1600cc vehicles, 60 per cent for 2000 cc vehicles and 70 per cent for 2600cc vehicles.


Posted on Sunday, January 16, 2011 @ 09:28:11 LKT


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