Nov 09, 2017

New tax structure on vehicles unveiled!

The new tax structure on vehicles under the Budget-2018 proposed by Minister Mangala Samaraweera has been revealed by the Finance ministry.

The calculation of Excise Duty on vehicles on the basis of CIF value was removed and hereafter it will be on Engine Capacity.

Duty on electric vehicles will be removed.   

The Present upper ceiling of CIF Value  (35000 USD) for imported vehicles by permit holders in the Public Service will also be removed.