Sri Lanka three wheeler owners to get duty free cars, 20-yr housing loan, credit card: UPFA manifesto
ECONOMYNEXT – Sri Lanka’s opposition United National Freedom Party has promised a series election promise to three wheeler owners that is likely to send the demand for the Indian made vehicle rocketing to new heights.
Three wheeler owners will give a chance to buy one car at concessionary taxes, if returned to power, a 20-year housing loan and 100,000 rupee credit card.
Three wheeler spare parts will also be allowed in tax free.
But in a move that can put fear into the hearts of all hired vehicle owners the manifesto also promised to set up a state agency to control ever three wheeler, tax and school van.
At the moment prices are not regulated and there is strong competition and a free market and new innovations such as metered taxis and call centre run tax networks have come up which makes better use of capital stock and giving low prices.
New regulatory agencies in addition to stifling innovation and price signals also requires taxes and fees for maintenance.
The Maithripala administration also promised a new state agency to regulate three wheelers, but fortunately it has not been set up yet.