Sri Lanka relaxes rules on imports of reconditioned cars

   Apr 18, 4:54 pm

Colombo, April 18 (Xinhua-ANI): Sri Lanka has accelerated imports of reconditioned vehicles after a special appeal was made by vehicle importers to President Mahinda Rajapaksa, an official said here on Wednesday.

Vehicle Importers Association President Yoga Perera told media that the appeal came after the government, under pressure from a 10 billion U.S. dollar trade deficit, increased taxes on vehicle imports last month, which would have strangled the industry.

According to Sri Lanka's regulations imported cars can only be one year old but this has been increased to two years while commercial vehicles have had their age increased from three and a half years to four.

"We are very happy over this outcome as it would give the chance for more Sri Lankans to afford vehicles," Perera said.

The association had maintained that if the extension was not given, it could result in the closure of reconditioned vehicle importers' business and render one million people jobless.

At the time the government revised rules and import duty, around 2,000 reconditioned vehicles were already at the Colombo port whilst 6,000 were on order.

Last year the value of imported vehicles doubled to a record 1 billion U.S. dollars from 546 million U.S. dollars in 2010. (Xinhua-ANI)

Technogym launches treadmill's new breed SKILLMILL for athletic training Apr 29, 6:40 pm
New Delhi, April 29 (ANI): Inspired by athletes, Technogym - the leading producer of design and technology-driven fitness equipment and solutions is proud to announce the launch of SKILLMILL, the first non-motorized product that combines power, speed, stamina and agility training.
Full Story
Snapdeal hires ex-exec of Zoomcar Mayank Jain as Head of Growth Apr 29, 6:22 pm
New Delhi, Apr 29 (ANI): E-commerce major Snapdeal announced appointment of former Zoomcar senior V-P Mayank Jain as its Head of Growth.
Full Story
S Ramadorai receives AIMA 'Outstanding Institutional Builder' award Apr 29, 5:38 pm
New Delhi, Apr 29 (ANI-NewsVoir): Padma Bhushan S Ramadorai was presented the prestigious 'Outstanding Institutional Builder' Award of the All India Management Association (AIMA)'s Managing India Awards 2016.
Full Story
ShopClues launches 4G smartphone 'Reach Allure+' Apr 29, 5:27 pm
New Delhi, Apr 29 (ANI): ShopClues, India's first and largest managed marketplace announces the exclusive launch of Reach Mobile's new smartphone, Allure+.
Full Story
Comments