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* Sri Lankan government lost Rs. 200 million in tax revenue importing racing cars for Night Races - Marxist party
Sun, Dec 16, 2012, 08:36 pm SL Time, ColomboPage News Desk, Sri Lanka.

Dec 16, Colombo: Sri Lanka's Marxist party Janatha Vimukthi Peramuna (JVP) says the government has lost tax revenue amounting to around Rs. 200 million due to the duty waivers offered to the racing cars that were imported to the country for the Colombo Night Races.

JVP Propaganda Secretary, parliamentarian Vijitha Herath has said around Rs. 100 million had been lost in tax revenue to import Lamborghini cars.

A local weekly English newspaper has today reported that that vehicles imported for the Colombo Night Races have been exempted from taxes due to the granting of special approvals and by importing vehicles under car net and temporary importation facilities.

The vehicles imported by Carlton Motor Sports Club have been cleared by GAC Logistics Limited.

The clearing company had got the vehicles released from the Colombo Port by paying only the port handling charges without any duty payments since the vehicles are to be re-exported after the Night Races.

Sri Lanka Customs sources have however expressed doubts over the assurance to re-export the vehicles.

Sources have explained that since the Customs declaration forms of some of the vehicles do not state any guarantees, the re-exporting of vehicles might not happen. Even the period of the vehicles imported on car net could be extended once the stipulated period comes to an end.

In such a scenario, the government would lose over Rs. 200 million in revenue.

The 19 vehicles that were imported include two Lamborghini Gallardos, a Porsche 911 GT3 (3,900 CC), an Aston Martin N24 (3,500 CC), a Nissan Fairlady (3,500 CC), a Honda Civic (3,500 CC) and 13 Etios motor racing cars (one 1,197 CC vehicle and 12 1,496 CC vehicles).



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