Vehicle permits with tax concessions: Finance Minister issues new, back-dated circular

Vehicle permits with tax concessions: Finance Minister issues new, back-dated circular

Vehicle permits with tax concessions: Finance Minister issues new, back-dated circular

Written by Lahiru Fernando

07 Jun, 2017 | 8:35 am

Vehicles on tax concessions: The Ministry of Finance has issued a new circular on the matter. The circular which has been back-dated, allows it to come into effect from June 1.

Amendments have been made to the trade and investment policy circular which governs the vehicle imports for senior executives in management and administration at state institutions and state co-operatives.

The amendment details the tax concessions given to a vehicle permit holder when purchasing imported or locally manufactured vehicle.

  • The registration of a vehicle that is obtained as per amendment must be registered under the permit holders name at the first instance.
  • The ownership of a vehicle worth 25,000 USD or less can be transferred to a third party at any instance.
  • A vehicle that is worth over 25,000 USD but falling under 30,000 USD cannot be transferred to a third party before being used for five years, except under the criteria mentioned in the circular.
  • Vehicle permits that were granted from November 20, 2015 until May 31, 2017 and vehicles that had received clearance from the Customs on or before May 31,2017 cannot be transferred to a third party before being used for five years except under the criteria mentioned in the circular.

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