The government has announced a hike in luxury tax rates for private vehicle imports, set to take effect from February 1. This decision comes as part of the latest fiscal measures introduced by President Anura Kumara Dissanayake, who also serves as the Minister of Finance.
The updated luxury tax rates were officially outlined in a gazette notification issued by the President, reinforcing the government’s commitment to regulating vehicle imports while ensuring higher revenue generation.
The new tax rates are expected to impact the pricing of high-end vehicles, potentially influencing consumer choices and the overall automobile market. Officials suggest that the move aims to control excessive luxury imports while promoting a more sustainable economic framework.
Further details regarding the specific tax percentages and applicable vehicle categories are included in the gazette notification, which has been made publicly available for reference.
