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
No truth to the rumors that security in North and East are in danger - Defense Secretary
-- [5 hours ago]
President opens renovated Thriposha factory in Kandana
-- [6 hours ago]
London Stock Exchange Group opens new technology facility in Sri Lanka
-- [7 hours ago]
Researchers find link between El Niño and Sri Lankan dengue epidemics
Nepalese PM extended an invitation to visit Sri Lanka
Gulf Air rolls out timetable for weekly Colombo flights
Sri Lankan President to visit Russia in March to strengthen bilateral ties
Malaysian delegation visits a tea plantation In Sri Lanka
Sri Lanka to set up a joint operation center to combat drug trafficking
Court rejects bail to former LTTE leader-turned deputy minister Karuna Amman

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.