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Tax Revenue Up After Slashing Import Duties

Aug 26, 2010 6:43:49 AM - thesundayleader.lk

The Finance and Planning Ministry has stated that it has recorded an increase in its tax revenue following the government’s decision to slash import duties on vehicles.

Director-General for Fiscal Policy of the Finance and Planning Ministry S.R. Attygalle has said the government earned Rs. 1,700 million in July on vehicle import tax revenue alone after import taxes were slashed in June.

The Government Information Department has stated that it is an increase of around 240 percent compared to only about Rs. 500 million in May, the pre-tax cut period.

One of the objectives of reducing import tax was to raise tax revenue from vehicle imports.

The Finance Ministry expects tax revenue from vehicle imports would further increase in August.

Atygalle has explained that vehicle prices would come down further in the coming months, and their aim is to make it easier for people to acquire vehicles as economic activity revives with the end of the war.