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Message: <blockquote data-quote="virajsameera" data-source="post: 7584390" data-attributes="member: 73611">While importers welcomed the tax  cuts, the              government’s decision to slash taxes and remove surcharges on              imports would help the government improve its revenue as volumes              make up for the reduction in taxes and it is in line with proposals              made by the Presidential taxation committee an official said.             The  govrnment has slashed an import excise duty on              vehicles by 50 percent, lifted 15 percent surcharge on all imports,              revised several import duty bands down to 0 percent, 5 percent, 15              percent and 30 percent from 0 percent, 6 percent, 16 percent and 28              percent. Taxes on items such as watches and cameras have been              brought down to 10 percent.             "These  changes are basically in line with what the              presidential taxation committee proposed," an official who wished to              remain anonymous told the Island Financial Review.             He  said: "Import duties on vehicles were too high              and domestic sales have been falling since 2008. Of course when we              had problems with foreign currency reserves, it made sense to              increase import duties and introduce various surcharges so as to              discourage the outflow of foreign exchange.             "High  taxes resulted in falling sales volumes and              that created another problem where the government could not meet its              revenue targets. Now that the country’s reserve position has              improved, it makes sense to remove the surcharges and reduce taxes.             The  increase in volumes as demand for these items,              especially vehicles, improve would more than make up for the              reduction in tax rates, and the government’s revenue<a href="http://www.island.lk/2010/06/03/business1.html" target="_blank">http://www.island.lk/2010/06/03/business1.html</a></blockquote>

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