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)

Centre assures to compensate states for revenue loss in GST Dec 19, 6:19 pm
New Delhi, Dec. 19 (ANI): Union Finance Minister Arun Jaitley on Friday said the Centre has given assurance to the states that they would be compensated for any revenue loss post the implementation of the Goods and Services Tax (GST).
Full Story
Uber competitor Easy Taxi aborts India launch plan Dec 19, 3:20 pm
Washington, Dec 19 (ANI): Rocket Internet's Easy Taxi has cancelled its plans of debuting in India, and announced that it is cutting back on businesses in Indonesia and Hong Kong.
Full Story
Manipur's potential in horticulture showcased at Orange Festival in Tamenlong District Dec 19, 2:52 pm
Tamenlong District (Manipur), Dec.19 (ANI): The Government of Manipur is taking every step possible to highlight the potential of horticulture in the state.
Full Story
Silk reeling center in West Tripura providing jobs to rural women Dec 19, 2:31 pm
Badharghat (West Tripura), Dec.19 (ANI): A silk reeling center in Badharghat in West Tripura is providing jobs to rural women.
Full Story
Comments

LATEST STORIES
TOP VIDEO STORIES
PHOTO GALLERY