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Saturday May 15th, 2021
Economy

Sri Lanka cuts taxes on small cars, hybrids may cost more

COLOMBO (EconomyNext) – Sri Lanka has cut taxes on small cars by 15 percent helping mainly imports from India but finance minister said anomalies relating to tax procedures on hybrid cars will be cleared, indicating that costs will go up.

Karunanayake said cutting taxes on cars below 1000 cc engine capacity will help less affluent people own cars.

The tax is expected help imports from India.

The Rajapaksa administration raised taxes on small cars, in a move some Indian analysts have claimed to have been imposed to hurt Indian exporters, after that country voted against Sri Lanka on a UN resolution.

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