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The Vehicle Importers Association of Sri Lanka today announced the expected revisions to the excise duty for vehicle, following the proposals introduced through the 2018 Budget.

The 2018 Budget proposals were tabled by Minister of Finance Mangala Samaraweera yesterday. Speaking during a media briefing held in Colombo today, President of the Association Indika Sampath Merenchige, said the price revision will be implemented only after the 1st of January 2018.

Accordingly, excise duty for Maruti Suzuki Alto and Maruti Wagin R will see a reduction of 100,000 to 150,000 rupees. Meanwhile, according to the new revisions, excise duty for Nissan Leaf car will be reduced by approximately 1 million rupees.

Meanwhile, duty for Toyota Aqua and Toyota Axio is expected increase by 730,000 rupees. Duty for Toyota Premio and Toyota Allion will increase by approximately 150,000 rupees. Duty on Toyota Prado is expected to increase from 51 million 20,000 rupees to 53 million 55,000 rupees. The Vehicle Importers Association said duty on Toyota Harrier is expected to increase by 965,000 rupees.

Meanwhile, the Vehicle Importers Association commended the government for streamlining the excise duty for vehicles through the 2018 Budget. President of the Association Indika Sampath Merenchige welcomed the move to introduce a carbon tax and the proposal to introduce a simpler tax system for the country.

Moreover, Price Waterhouse Coopers Sri Lanka has issued an extensive analysis of the 2018 Budget proposals tabled by Minister of Finance Mangala Samaraweera.

Following the presentation of the 2018 Budget, PwC Sri Lanka has released an in-depth analysis report named the Sri Lanka Budget Focus- 2018.

It said through the “Blue-Green” Budget the government has targeted at generating an environmentally sustainable economic growth. It also notes the Budget 2018 has targeted overcoming major challenges that Sri Lanka currently encounter including the rapid decline in government revenue, mounting public debt and severe balance of payment difficulties. PwC Sri Lanka commended the government’s focus to support the achievement of medium term targets.