Prices of several models of vehicles to increase - Vehicle Importers

Vehicle Importers said that prices of several models of vehicles will go up due to the increase in taxes in the budget.

According to the vehicle importers, the popular Wagon R vehicle is likely to increase by at least Rs.200,000, Alto by Rs.150,000, Axio and Aqua by Rs.500,000, Premeo and CHR by Rs. 600,000 as a result of tax increases introduced in the budget.

According to the budget proposals, import tax on Petrol vehicles below 800 CC engine capacity will be increased by Rs. 150,000. The tax on petrol vehicles below 1000 CC by Rs.175,000 while the tax on vehicles less than 1300 CC has been increased by Rs 500,000.

Meanwhile, the tax on electric vehicles, less than 70 KW will be reduced by Rs.175,000.

Also the 200 percent cash margin requirements on motor vehicle imports will be removed in the near future and a luxury tax will be imposed on luxury vehicles.