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Message: <blockquote data-quote="monson" data-source="post: 30876139" data-attributes="member: 30005">The Finance Ministry would have to look at increasing taxes on vehicle imports and vehicle financing facilities in the next Budget if the demand for vehicles remains high in the coming month and impacts the country’s foreign reserves, a senior Treasury Department official said.Car importers have opened letters of credit valued at USD 1.2 billion since restrictions on vehicle imports were lifted in February this year.Of this, USD 550 million worth of Letters of Credit have been cleared so far while others are pending.“So far our foreign reserves are steady at around USD 6 billion but if vehicle imports impact this, we have to look at placing some limitations and taking measures to discourage imports,” the official who did not wish to be identified said.He added that as long as Sri Lanka is in the IMF programme, no restriction or limitations can be placed on vehicle imports and only measures can be taken to discourage imports.He said such a decision would be taken closer to the Budget in November.Around 30,000 vehicles have been imported for personal use into the country since February this year at a cost of over USD 300 million.He added that the inflow of foreign exchange remains steady due to exports, remittances and tourism.- <a href="https://www.sundaytimes.lk/250803/news/taxes-on-vehicle-imports-and-financing-facilities-likely-to-rise-607613.html" target="_blank">https://www.sundaytimes.lk/250803/news/taxes-on-vehicle-imports-and-financing-facilities-likely-to-rise-607613.html</a></blockquote>

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