The Ministry of Finance has announced a new tax measure imposing an additional 50 per cent levy on the existing customs duty for imported vehicles.

Under the decision, the current 30 per cent customs import duty on motor vehicles will be supplemented by a further 50 per cent surcharge. 

The measure was formalized through a special gazette notification issued under the signature of President Anura Kumara Dissanayake.

The new levy takes effect from today (16) and will remain in force for a period of three months.

However, the gazette specifies that vehicles for which letters of credit were opened on or before May 15 will not be subject to the additional 50 per cent duty.

Gazette: https://www.treasury.gov.lk/api/file/b5fee09e-8b6d-419e-9b52-54eb0927979e (Newswire)

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