Tax revision to bring about a price decrease in vehicles imported from India (Watch report)

Tax revision to bring about a price decrease in vehicles imported from India (Watch report)

Written by Staff Writer

30 Jan, 2015 | 11:34 pm

Vehicle importers says that with the new tax revision on vehicles imported from neighbouring India would see a price reduction between Rs.75, 000 and 100,000.

Meanwhile, the importers point out that since duty on Hybrid vehicles was increased, the price of a Hybrid vehicle would increase by between Rs. 700,000 and Rs.1.2 million rupees.

In order to facilitate the purchasing of motor vehicle for low income families the government had taken a decision reduce the manufacturing tax on vehicles with a capacity of less than 1000 cc by 15 percent.

Under the new reduction, the manufacturing tax that was at 150 percent has now been reduced to 135 percent.

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