Following the lifting of import restrictions on all vehicles, the Lanka Vehicle Importers Association has warned that vehicle prices in Sri Lanka will rise significantly due to the revised tax structure.
According to Indika Sampath Meranjige, the chairman of the Lanka Vehicle Importers Association, the new tax rates, combined with the reduction of the vehicle import period to two years, and increased demand at international vehicle auctions, will push prices to record highs.
As a result, the popular Suzuki WagonR is expected to cost over Rs. 10 million, while the Honda Vezel is projected to reach close to Rs. 25 million.
The increase in Customs duties, excise taxes, and other levies has created a sharp price hike across all vehicle categories, making car ownership significantly more expensive for Sri Lankan consumers.
