Most of the effected are small car buyers who have scraped off their savings to buy a car. The sheer arrogance of leaving these people on the lurch without even as much as a grace period. the sheer arrogance of passing the cost to the people while politicians party big time.
Today Cabraal confirmed the merits of the car taxes.
It help country's BOP (balance payment problem) by reducing the imports.
It will stop Rupee depriciation as well.
Tax increase necessary to balance BoP: Cabraal
TUESDAY, 03 APRIL 2012 22:19
Even though the recent increase in import duty may create some difficulty for importers it is to be seen an essential step to adjust the trade imbalance and prevent a severe balance of payments deficit, Central Bank Governor Ajith Nivard Cabraal said today.
If the ever widening deficit in the balance of payments continued uncontrolled or without any reduction, the imbalance would have been a bigger risk to the economy, Mr. Cabraal added.
The only area where we have some concern is the trade deficit as at the end of May last year. The policy measures we have put in place have shown results and the positive impact has already been seen. We are confident that the results will be seen by the end of 2012, Mr. Cabraal said.