Sri Lanka’s Prime Minister Ranil Wickremesinghe addressing the Parliament yesterday said that the government expects to revise the import duties imposed on small cars and hybrid vehicles in the near future, depending on national economic factors. He further pointed out that vehicle import expenditure in Sri Lanka had risen to US $ 666 million within the first five months of 2018, in comparison to the US $ 316 million in the same time period in 2017. According to him the expenditure for the importation of cars with engine capacities below 1000cc and hybrid vehicles had been 51.3% of the total vehicle importation cost in 2017, which has risen to 78.9% in 2018.

Premier Wickremesinghe was responding to a question raised by Joint Opposition MP Bandula Gunawardana, and further noted that the minimum duty rates of Rs 1.5 million and Rs 1.25 million, for cars with an engine capacity below 1000cc and hybrid vehicles respectively, were imposed due to the increase in vehicle import expenditures having a negative impact on the balance of payment levels of the country.

- Reporting By Devendra Francis