Sri Lanka’s brand new and reconditioned motor vehicle sales have reached a record low, said Chairman Vehicle Importers Association of Lanka, Sampath Merenchige.
This may be because people are expecting a reduction of taxes for vehicle imports from the new Finance Minister Mahinda Rajapaksa,” he told Daily News Business.
He disclosed that sales have dropped drastically and a motor sales company that was selling on average around 30 to 35 vehicles per month has now come down to around 3 or 4 vehicles per month.
Soon after the new Prime Minister and Finance Minister was appointed there were a series of concessions that were offered including ‘slashes’ in taxes.
Merenchige said that people are expecting a similes adjustment of taxes for the motor vehicle sales. “However we don’t foresee this happening for motor vehicle imports as well as imports of luxury items imports right now”.
He said that with the escalating of the US dollar the motor vehicle prices would zoom up after the current consignments were sold out. (SS)
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