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<blockquote data-quote="eranga_rama" data-source="post: 11320222" data-attributes="member: 85571">Car Market &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 09 Nov, 2011&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; 10:50:46&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; Sri Lanka dealers offer lower prices if older car imports allowed&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; Nov 09, 2011 (LBO) - Sri Lankan importers of&nbsp; used Japanese vehicles said they can sell cars for around two million&nbsp; rupees each if allowed to import slightly older vehicles and a tax&nbsp; anomaly removed.&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Yoga Perera,&nbsp; president of the Vehicle Importers' Association, said they had asked for&nbsp; the concessions in the government budget that is to be presented to&nbsp; parliament later in November .&nbsp; &nbsp; A sharp reduction in import taxes in 2010 led to a flood of vehicle&nbsp; imports as well as the emergence of many new dealers, Perera told a news&nbsp; conference. Value added tax was cut to 12 percent from 20 percent.&nbsp; &nbsp; &quot;We've asked the government to consider in its forthcoming budget&nbsp; extending the age of imported vehicles to two and a half years from two&nbsp; years now and to remove the double VAT taxation we're now subject to,&quot;&nbsp; he said.&nbsp; &nbsp; &quot;If these two proposals are granted importers will be in a strong&nbsp; position to supply vehicles for around two million rupees,&quot; Perera said.&nbsp; &quot;Most customers are those within this budget.&quot;&nbsp; &nbsp; Japanese reconditioned vehicles have accounted for the majority of&nbsp; vehicle imports for the last 40 years and Sri Lankan motorists are used&nbsp; to them, Perera said.&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &quot;Used vehicles&nbsp; imported from Japan are subject to a 'quality assurance and safety&nbsp; report' obtained from an internationally recognised safety and quality&nbsp; assurance firm,&quot; Perera said.&nbsp; &nbsp; Perera said importers now face difficulties in finding two-year old vehicles at a reasonable price.&nbsp; &nbsp; &quot;If the government increases the age of imported vehicles to two-and-a&nbsp; half years we can then buy at lower prices in Japan and pass that on to&nbsp; customers by reducing the price as older vehicles are also subject to&nbsp; lower duty,&quot; Perera said.&nbsp; &nbsp; &quot;In Japan, for brand new cars, the first road license is given for two&nbsp; years. So most users prefer to sell only after two years. If they sell&nbsp; earlier it is usually because of a defect in the vehicle. So it is&nbsp; difficult for us to buy two-year-old vehicles of good standard at a&nbsp; reasonable price.&quot;&nbsp; &nbsp; Perera also said importers now pay value added tax twice for vehicles&nbsp; imported before December 31, 2010, both at the point of clearing them&nbsp; from customs and again at the point of sale.&nbsp; &nbsp; The association is asking the government to remove the anomaly so they need to pay VAT only once for stocks with car dealers.&nbsp; &nbsp; &quot;We have to pay double VAT,&quot; Perera said. &quot;The 12 percent VAT we have to&nbsp; pay twice for the same vehicle as the VAT reclaim from customers has&nbsp; been disallowed for vehicles in stock.&quot; Source<a href="http://www.lbo.lk/fullstory.php?nid=449427986" target="_blank">http://www.lbo.lk/fullstory.php?nid=449427986</a></blockquote>

[QUOTE="eranga_rama, post: 11320222, member: 85571"] Car Market 09 Nov, 2011 10:50:46 Sri Lanka dealers offer lower prices if older car imports allowed Nov 09, 2011 (LBO) - Sri Lankan importers of used Japanese vehicles said they can sell cars for around two million rupees each if allowed to import slightly older vehicles and a tax anomaly removed. [COLOR=#292929] Yoga Perera, president of the Vehicle Importers' Association, said they had asked for the concessions in the government budget that is to be presented to parliament later in November . A sharp reduction in import taxes in 2010 led to a flood of vehicle imports as well as the emergence of many new dealers, Perera told a news conference. Value added tax was cut to 12 percent from 20 percent. "We've asked the government to consider in its forthcoming budget extending the age of imported vehicles to two and a half years from two years now and to remove the double VAT taxation we're now subject to," he said. "If these two proposals are granted importers will be in a strong position to supply vehicles for around two million rupees," Perera said. "Most customers are those within this budget." Japanese reconditioned vehicles have accounted for the majority of vehicle imports for the last 40 years and Sri Lankan motorists are used to them, Perera said. [/COLOR] [COLOR=#292929] "Used vehicles imported from Japan are subject to a 'quality assurance and safety report' obtained from an internationally recognised safety and quality assurance firm," Perera said. Perera said importers now face difficulties in finding two-year old vehicles at a reasonable price. "If the government increases the age of imported vehicles to two-and-a half years we can then buy at lower prices in Japan and pass that on to customers by reducing the price as older vehicles are also subject to lower duty," Perera said. "In Japan, for brand new cars, the first road license is given for two years. So most users prefer to sell only after two years. If they sell earlier it is usually because of a defect in the vehicle. So it is difficult for us to buy two-year-old vehicles of good standard at a reasonable price." Perera also said importers now pay value added tax twice for vehicles imported before December 31, 2010, both at the point of clearing them from customs and again at the point of sale. The association is asking the government to remove the anomaly so they need to pay VAT only once for stocks with car dealers. "We have to pay double VAT," Perera said. "The 12 percent VAT we have to pay twice for the same vehicle as the VAT reclaim from customers has been disallowed for vehicles in stock." Source [url]http://www.lbo.lk/fullstory.php?nid=449427986[/url] [/COLOR] [/QUOTE]

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