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Electric vehicle tax to be reduced, luxury vehicle tax up

In 360 Breaking, 360 Just In, Budget 2017, Hot News

The Government has proposed to reduce the import tax on electric vehicles by Rs 1 million in the budget for 2018.

Finance Minister Mangala Samaraweera told Parliament today that the import tax on luxury vehicles will be increased by Rs. 2.5 million.

The Minister said this while presenting the budget for 2018 to Parliament today.

The move is an attempt to encourage environment friendly vehicles.

He said the government is looking at using alternate energy for all vehicles by 2040.

He also said that the import tax on three-wheelers will be increased.

In his first budget as Finance Minister, Samaraweera also announced that restrictions imposed on foreigners purchasing land plots in Sri Lanka will be relaxed.

He said that steps will also be taken to boost the tourism industry in the country by promoting the ‘home stay’ concept.

Tourist three-wheelers will also be promoted, the Finance Minister said.

The Finance Minister also said that the import tax on sports shoes will be removed in view of developing sports in the country.

The Nation Building Tax (NBT) will also be imposed on liquor from April 2018.

The budget will now be debated over the next few days in Parliament before a vote is taken next month.

(Colombo Gazette)

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