Oct 19, 2012 (LBO) – Sri Lanka’s motor car registrations fell 75 percent to 1,072 in September 2012 from a year earlier while total registrations had fallen 45 percent to 24,478 data analyzed by JB Securities, a stock brokerage has shown. An analysis of data from Sri Lanka’s motor vehicle registry had shown that brand new cars were 75.4 percent to 643 and used or reconditioned cars were down 75.3 percent to 429 in September.
Some car importers had sought permission from the state to export vehicles already bought into the country, media reports said.
Total new vehicle registrations, which include motor cycles, three wheelers and trucks, fell 45.3 percent to 24,478 while cheaper used vehicle sales fell at a faster 56.8 percent to 1,928.
Sri Lanka’s state jacked up vehicle taxes suddenly by a midnight gazette literally while citizens were sleeping in April 2012, after central bank accommodated credit taken by state enterprises to manipulate energy tariffs forced a devaluation of the currency.
Taxes on ordinary citizens have been raised to prohibitive levels while elected rulers get tax free cars, and state workers get tax slashed cars.
In Sri Lanka taxes are not only imposed by midnight gazette without going to par