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Message: <blockquote data-quote="wordpress" data-source="post: 17815415" data-attributes="member: 520581">Revision of Vehicle Taxes8.17 In order to encourage low income families to purchase a motor car to improve theirliving standards, I propose to reduce the taxes applicable on the motor cars with enginecapacity less than 1,000 cc by around 15%. 8.18 The present tax structure on motor vehicles has created an unhealthy disparity betweenhybrid and normal motor cars. In order to rectify this anomaly, I propose to revise theexcise taxes applicable on hybrid vehicles. These changes will be implemented from midnight today.8.19 The present practice of depreciating the value of vehicles at the point of import hascreated many mal-practices, including under valuation of vehicles and changing the dateof registration. This has led to a significant amount of revenue loss to the government.As a solution for this, I propose to remove the depreciation Table with effect from midnight today. source <a href="http://www.treasury.gov.lk/images/depts/fpd/docs/budgetspeech/2015-jan29/InterimBudget2015-20150129-sin.pdf" target="_blank">http://www.treasury.gov.lk/images/depts/fpd/docs/budgetspeech/2015-jan29/InterimBudget2015-20150129-sin.pdf</a> page 29</blockquote>

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