LNP – New vehicle shipment to touch down today
Four layers of taxation will be imposed on vehicle imports
– Existing second-hand vehicle market is expected to decline by 10 to 15 percent
– New vehicles at showrooms from Monday
As the first shipment of vehicles is expected to arrive in Sri Lanka today since the government relaxed import restrictions on February 2, and we learns that almost all the new vehicles have been booked by customers and a waiting list is also now in progress.
With a high demand for bookings despite the current exorbitant prices, the we learns that importers are encouraging people to register their vehicle preferences in order to make their purchase in future shipments.
The Vehicle Importers’ Association of Sri Lanka (VIASL) President Prasad Manage announced that while the first shipment of vehicles will arrive today from Thailand at the Colombo Port, another shipment of vehicles from Japan will arrive at the Hambantota International Port on Thursday (27).
“Four layers of taxation will be imposed on vehicle imports, including a special import tax based on the vehicle’s value, a luxury tax, Customs tax, and Cost, Insurance, and Freight (CIF), along with the existing 18% VAT. Additionally, a recent gazette notification introduced a 50 percent Customs surcharge on cars and jeeps, resulting in a price hike for those vehicles,” he explained.
“As we mentioned earlier, consumers will have the opportunity to view the vehicles in showrooms starting next Monday (March 3),” he said.
Following their arrival, the existing second-hand vehicle market in the country is expected to decline by 10 to 15 percent, Manage said.
He also noted that while the prices of certain vehicle categories may increase, others are likely to decrease in the local market.
The price of a Suzuki Wagon R is expected to decrease with the new imports. A brand-new Suzuki Wagon R is anticipated to be priced between Rs. 7 million and Rs. 7.2 million, while other Wagon R models will range between Rs. 6 million and Rs. 7 million.
The Toyota Vitz has been discontinued by the manufacturer and will be replaced by the Toyota Yaris. Manage also confirmed that European vehicles will be available for purchase as well.
The price of a Japanese Alto is also expected to decrease, with new imports priced between Rs. 3.5 million and Rs. 5 million.
The shipment from Thailand will include double-cab vehicles, which will arrive at Colombo Port. Accordingly, the Toyota Hilux ROCCO Double Cab is expected to be available in Sri Lanka at a price range between Rs. 24.5 million and Rs. 25.5 million.
Meanwhile, Toyota Lanka has announced the new prices for its wide range of brand-new vehicles following the relaxation of the import ban. The company stated that the revised prices are subject to fluctuations in exchange rates, duties, government levies, and taxes.
Accordingly, the Toyota Lite Ace will be introduced at the lowest price of Rs. 7.45 million, including VAT. The Toyota Land Cruiser 300 will be available at the highest price of Rs. 118 million, inclusive of VAT.
United Motors Lanka PLC has also released the price list for its highly anticipated brand-new Mitsubishi vehicles following the government’s decision to lift the import ban and implement new tax rates.