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
World Bank grants Sri Lanka $ 200 million to control non-communicable diseases - Health Minister
-- [30 minutes ago]
Three suspects including a police officer arrested for suspicious death of a constable
-- [1 hour and 2 minutes ago]
'Arabuma' loan scheme under 'Enterprise Sri Lanka' program targets youth
-- [1 hour and 42 minutes ago]
Sri Lankan armed forces personnel leave on a special goodwill visit to Bodh Gaya
-- [2 hours ago]
Several schools in Anuradhapura to be closed from tomorrow for Poson celebrations
-- [9 hours ago]
Pakistani passenger dies in SriLankan flight
-- [9 hours ago]
PM calls on everyone to work together for the future of the children
-- [9 hours ago]
Two suspects arrested for killing the leopard
Hitachi-Omron Terminal Solutions establishes capital and business alliance with Sri Lankan tech company Interblocks Limited
Suranga Lakmal to Captain Sri Lanka in the 3rd Test match against West Indies

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.