New Vehicle Prices after Budget for 2016

As expected the new government budget for 2016 introduce new valuation system for imported vehicles, this valuation lead to increase prices of imported vehicles by Rs. 200,000 up to Rs. 2.5 million.

The new valuation system was introduced recently taking full option manufacturers price as the tax base and the Finance Minister Ravi Karunanayake said  in budget proposal that this is to further strengthen this process of collecting the payable taxes said that the unit rate of excise duty for the vehicles on the basis of cubic centimeters and duties on the percentage basis on certain vehicles would be revised.

Automobile sellers has indicated the main selling automobiles like Nissan leaf, Suzuki WagonR, Suzuki Alto, Suzuki K10, Toyota Aqua, Toyota Prius and Toyota, Nissan Van prices will be increase as follow

Nissan Leaf Electric Vechile by Rs 2.5 Million

Wagon R by Rs. 400,000/-

Auto & K10 by Rs. 250,000/-

Toyota Aqua by Rs. 500,000/-

Toyota Prius by Rs. 700,000/-

Van by 2.5 Million

Meanwhile, 2016 budget has reduced excise duty to 2.5 percent for the vehicles which are run entirely on Solar, Hydrogen or Helium.

And the Vehicle Entitlement Certificate for each vehicle was also introduced and therefore motor cycle and three wheeler is unchange, Rs.15,000 for a motor car and Rs.10,000 per vehicle for all other vehicles would have to pay as fee

Casino contributes Rs. 500 Million as a Tax Revenue to the Government

The Deputy Minister of Finance and Planning, Sarath Amunugama stated in Parliament that Casinos are one of the tax revenue generating sources in Srilankan Economy, where the Casino industry is approximately contribute Rs. 500 Million for government revenue as taxes.

And the Minister stated that the government had earned revenue of Rs 1,400 million by way of taxes from four casinos in the country from last 6 years.

According to the information provided by the Deputy Minister, a casino was required to pay Rs 50 million per year, in taxes, to the government. However, this was increased to Rs 100 million from the beginning of 2013.

It was also revealed that a fifth casino was established in the country in 2013. As a result, the government would thereby earn total of Rs.500 million through the taxation of those five casinos.