11 January 2012
Sri Lanka Cuts Import Duty & VAT on Buses & Trucks. Value Added Tax Lifted on Solar Cells & PV Panels
10th January 2012, www.lankabusinessonline.com
Sri Lanka has cut import duties on buses, trucks and engines, which will help improve the standard of tourist and commuter services in the island the finance ministry said in a statement.
The state has also lifted a custom import duty charged on imported lorry bodies and tyres for lorries and busses by 50 percent, the finance ministry said. It was not clear what the existing tax rates were.
Sri Lanka's customs office in a statement posted on its website said from January 01, value added taxes on buses, lorries and trucks were also lifted giving effect to a proposal on the 2012 budget.
Other items from which value added taxes were lifted, raw material used for spectacles and frames, sunglasses, perfumes, sports equipment, speakers and digital cinema equipment, photo sensitive semiconductor devices.
Value added tax on spares for poultry industry, sawn wood, mammoties, forks, moulding (steel, glass, rubber, plastic), machinery for rubber and plastic industries, greenhouses and poly tunnels.
Related Info :
• New Vehicle Registrations in Sri Lanka up by 55pct in June 2011
• Sri Lanka Increases Taxes on Imported Vehicles
• Solar Energy Can Free Sri Lanka's Dependence on Fossil Fuels - Kanagalingam Gnanalingam, Rtrd Additional General Manager of Ceylon Electricity Board