COLOMBO: The basis on which Customs calculates the value of certain motor vehicles have been changed as the previous system caused losses to the government, says acting Minister of Finance, Lakshman Yapa Abeywardena.
The acting Minister of Finance also stated that the valuations will be based and varied depending on the options and luxuries offered on the importing vehicle.
According to the Vehicle Importers Association of Sri Lanka, the new system would see the prices of Japanese vehicles soar by Rs. 700,000 to Rs. 1.8 million
The government announced the new system of valuation on imported vehicles through a Special Gazette Notification No. 1933/16.
Furthermore, the Chairman of the Vehicle Importers Association of Sri Lanka Indika Sampath stated than there will be no major effect on the vehicles imported from India and China.
