Minister of Trade, Commercial Cooperation, and Food Security, Wasantha Samarasinghe, has announced that the import of private vehicles will officially resume by the end of this month, marking a significant shift in the country’s automobile market.
Speaking on the matter, the Minister noted that while the decision to reopen vehicle imports was long-awaited, concerns had arisen regarding its potential impact on existing vehicle prices. According to Samarasinghe, some individuals had expected a significant drop in vehicle prices within households as a result of increased availability in the market. However, to prevent a steep depreciation in vehicle values, the government has introduced a structured tax policy aimed at stabilizing prices.
He further explained that the adjusted tax rates were carefully determined to strike a balance between ensuring affordability for new buyers and protecting the financial interests of current vehicle owners. The government is also focused on regulating the market to prevent exploitative practices, such as price manipulation and hoarding, which have previously led to artificial inflation and the formation of vehicle market mafias.
Minister Samarasinghe assured the public that these decisions are part of a broader economic strategy to rebuild the automotive sector while maintaining fair trade practices and consumer confidence.
