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Message: <blockquote data-quote="lkdood" data-source="post: 8191994" data-attributes="member: 92282">Sri  Lankan government tax revenues have risen sharply after import duties  on vehicle imports were slashed, a senior finance ministry official  said.The  government earned 1,700 million rupees in July alone on vehicle import  tax revenue after import taxes were slashed in June, S R Attygalle,  director-general of fiscal policy at the finance ministry told our  sister news website Vimasuma.com. It was an increase of around 240 percent in vehicle import tax revenue  compared with tax revenue in May of only about 500 million rupees before  import taxes were cut. "This is what should happen," he said. "One of the objectives of  reducing import tax was to raise tax revenue from vehicle imports. We  expect tax revenue from vehicle imports to increase even more in August  compared with July." The government slashed the effective tax rate on vehicle imports by  about 50 percent in June in order to encourage more vehicle imports as  business revives with the end of the island's 30-year ethnic war in May  2009. Prices of vehicles fell after import taxes were slashed. Atygalle said he expects vehicle prices to fall further. For example the import tax on an Indian-made Maruti car has fallen to around 90 percent from 183 percent previously. Import taxes on other vehicles have also been reduced depending on their engine size, Attygalle said. "Our aim is to make it easier for people to acquire vehicles as economic activity revives with the end of the war." Last year vehicle imports fell sharply owing to high import taxes, but the trend has now reversed.          LBO</blockquote>

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