Vehicle prices are expected to increase by about 25 percent due to the new surcharge imposed by the government, and vehicle importers point out that the opening of letters of credit (LC) for vehicle imports has declined sharply due to this.
Speaking to ‘The Sunday Morning Business’, Vehicle Importers Association of Sri Lanka (VIASL) Secretary and Media Spokesperson Arosha Rodrigo says that vehicle prices will increase by an average of 25% due to the 50% surcharge imposed on customs import duty, the exchange rate and new market conditions.
“The exchange rate will increase the price by about 10%. The surcharge will increase by another 15% and the Social Security Contribution Levy (SSCL) will increase the price of a vehicle by about Rs. 250,000. Accordingly, the overall price of a vehicle will increase by about 25% on average,” he said.