Sri Lanka motor cycle registration rebound in May
ECONOMYNEXT – Sri Lanka’s motor cycle registrations rebounded in May while small cars also recovered following a tax hike, data showed, indicating that the less affluent were trying to improve their living standards despite obstacles placed in their way by the state.
Sri Lanka’s rulers who get tax free cars, and bureaucrats, who get tax slashed cars, raised taxes on ordinary people’s vehicles and restricted in January making vehicles less affordable.
In May taxes were against raised.
Sri Lanka’s vehicle registry data analysed by JB Securities, a Colombo-based brokerage shows that motorcycle registration recovered to 32,244 in May after falling to 21,000 in January and February.
Car registrations which fell from 7,181 in December to 2,888 in January recovered a little to 3,657.
Three wheeler registrations recovered to 5,732 in May from 3,268 in January.
In 2015, between 10,000 to 12,000 three wheelers were registered a month with people like craftsmen buying them for private transport.
Total vehicle registrations rose to 46,486 in May from 32,007 helped mostly by motorcycles. (Colombo/July05/2016)