Lankapage Logo Recent Top Stories
Go Home Home Serving the Sri Lankan community globally since 2000
go to

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 Lankan President to leave for Paris today to attend Climate Change summit
-- [5 hours ago]
Government incurs losses of Rs. 147 billion in tax revenue due to concessionary vehicle permits
-- [5 hours ago]
Extremists spreading rumors of threats to national security, Sri Lanka Defense Secretary says
-- [6 hours ago]
Minister expects a revival in Sri Lanka's fisheries sector next year
-- [6 hours ago]
Canada, Australia leaders commend President Sirisena on remarkable changes brought to governance in Sri Lanka
-- [8 hours ago]
Sri Lanka Navy assists Coast Guard to arrest 8 Indian fishermen poaching in Sri Lankan waters
-- [8 hours ago]
Sri Lankan President meets Canadian, Australian leaders at CHOGM
Murdered businessman's father retracts statement made in support of convicted DIG
Higher Education Minister ready to discuss undergraduates' grievances
Human Rights Commission of Sri Lanka calls for immediate release of detainees held for a long time

Copyright © 2000, 2012 by (LLC) :
The news and other contents on ColomboPage are copyrighted property of, 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, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.