Industry

Vehicle import: Revenue exceeds target

The Government has earned 904 billion rupees in revenue from vehicle imports, more than double the originally projected target of 441 billion rupees, Parliament was told on Monday (19).

Economic Development Deputy Minister Nishantha Jayaweera disclosed the figures in response to a question raised by Rohitha Abeygunawardena.

Abeygunawardena raised concerns over a surcharge applied to imported vehicles cleared from Customs within 90 days, noting that the levy begins at 3% and can rise to about 45% over a period of five months, with the additional cost ultimately passed on to consumers.

Responding, Jayaweera said the surcharge is imposed on importers at the time of vehicle importation and is intended to retain foreign exchange within the country.

Source - The Morning