The Sri Lanka government has slashed Import duty on motor vehicles by 50% and a 15% surcharge on imported goods has also been removed, the Finance Ministry announced a short while ago.
Under the new amendments tax on mobile phones, cameras, wrist watches, electronics and motor vehicles have been withdrawn.
A statement from the Ministry declared that the new tax cuts are a result of President Mahinda Rajapaksa’s decision to provide a boost to the rapidly recovering post conflict economy.
In his capacity as the Minister of Finance, President Rajapaksa has abolished the 2.5% import duty on most raw materials, plants and machinery.
According to the Ministry, the multiplicity of the custom duty structure has been simplified with a four-band structure of 0, 5, 15 and 30 percent.
Every one who want to buy new vehicles have to wait. add two or more lax to buy.....
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