Lankapage Logo Recent Top Stories
CP 13 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Race car imports to Sri Lanka not exempted from taxes
Fri, Nov 16, 2012, 08:57 pm SL Time, ColomboPage News Desk, Sri Lanka.

Nov 16, Colombo: In response to criticism from opposition political parties that President's 2013 budget has given exemptions to race car imports, the government today clarified that race cars are not exempted from taxes.

Issuing a statement the Finance and Planning Ministry said today importation of Go-carts which can be used for travelling by only one person and classified under racing cars have been specially identified by a creating a separate HS code 8703.21.62.

The 2013 budget proposes exempting Go-carts and specially designed racing vehicles from Excise Duty to attract international sporting events and participants to those events to increase revenue from such events to US$ 500 million by 2016 from the current US$ 50 million.

Importations of Go-carts are exempted only from Excise (Special Provisions) Duty and it is liable for payment of 55% of CIF value as other taxes, the Ministry clarified.

Importation of racing cars other than Go-carts is liable for payment of 200% to 350% of CIF value as taxes including Excise (Special Provisions) Duty depending on the cylinder capacity of the imported racing car.

Objective of the tax concession to importing racing vehicles is to improve the Sports Economy and Tourism activities and thereby to increase country's income, the Ministry said.



ColomboPage - Recent 10 Stories
Sri Lanka National Chamber hosts B2B meetings with Czech delegation
-- [1 hour and 9 minutes ago]
Sri Lankan PM vows to fight corruption, strengthen economy, develop the country
-- [1 hour and 48 minutes ago]
Sri Lanka Air Force asks MoD to take action against former director of operations - report
-- [2 hours ago]
In Pictures: Sri Lanka Freedom Party May Day rally in Galle
-- [3 hours ago]
Sri Lanka Transport Board paid Rs. 42 million to ferry people to May Day rallies
-- [3 hours ago]
WIPO commends Sri Lanka for concrete deliverables under IP Action Plan
-- [3 hours ago]
Sri Lanka celebrates World Labor Day today
Northern Province CM issued notice to appear in apex court over NPC resolution - report
Sri Lankan PM emphasizes the responsibility of Labor unions to safeguard the rights of the workers
Sri Lankan President calls for a firm commitment to make the victories achieved by working people a reality

Copyright © 2000, 2012 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.