Local News Update: Since the newly introduced luxury tax is in place from 1 November 2019, prices of specific vehicle models such as Toyota CHR, Audi Q2, Honda CR-V etc will increase from the Sri Lankan Vehicle Importers Association (VIASL) President Ranjan Peiris told media.
Nonetheless, due to this festive season, he said, the handful of vehicles remaining in showrooms will still be selling at previous prices.
Both currencies like the USD, GBP, and JPY are on an upward trend so all imports now being produced are expected to grow. As a result, both cars will increase from Rs 75,000 to 1,000,000 depending on the VIASL President’s price bracket.
As a result, any more pressure on the USD would increase the cost of imports. Therefore, at a time when the country as a responsible organization is making an effort to stabilize the economy, VIASL has agreed not to ask for duty concessions from the new government.
As explained by several government officials, the outflow of foreign currency could be detrimental to the local economy as a result of the increase in total import volume.