Sri Lanka raises automobile import taxes

Mar 31, 2012 (LBO)- Sri Lanka has slapped new taxes of as much as 100 percent of import value on some imported cars, but raised taxes on hybrid cars at a lower rate, in a move which can reduce state revenues from automobiles this year.
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Sri Lanka's ordinary citizens pay very high taxes on cars, while state workers get tax-slashed cars.

The countries elected ruler class gets completely tax free cars.

The finance minister said a surge in imports of cars had created congestion in roads and a higher demand for fuel.


Sri Lanka ran into a balance of payments crisis in mid-2012 due to low interest rates and high central bank accommodated credit growth as well as credit taken to manipulate oil prices as well as general deficit spending by rulers.

A cut in vehicle taxes brought billions of rupees in taxes for the state as car purchases by citizens soared.

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Sri Lanka has been plagues with balance of payments crisis from soon after independence from British rule after a money printing central bank with a so-called soft peg was created, abolishing a currency board or hard peg that kept the exchange rate stable and trade fee.



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In Sri Lanka motor cars and oil imports are "usual suspects" for foreign exchange shortages.

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