NEWS & EVENTS

At a recent Cabinet meeting the President has decided to cancel the 2016 budgetary proposal to increase the duty on electric cars from the existing 5 per cent to 50 per cent. Joint Cabinet spokesman and minister Gayantha Karunatilleke said that decision had been taken while considering the requests from various parties. Ada Derana Biz also inquired from Sri Lanka Motor Vehicle Importer’s Association co-president Mr. Kokila Deekiriwewa on the increase of duties on electric motorcars from 5% to 50%. He responded by saying, “At the Cabinet meeting last week, the President had put forward a proposal to remove the 50 per cent duty imposed on electric motorcars through the 2016 budget. If this proposal is to be implemented, then it needs the approval of the Finance Minister. “If such a tax revision is being done, under Sub-Section 3C in the provisions under the Manufacturing Special Tax Act, the Finance Minister has to inform the Customs Department. Only the Finance Minister has the authority to sign this. To my knowledge, the Finance Minister is overseas at present. Hence, we have learned that such a notice has still not been given.” AdaDerana