NewsMinister of Finance and Mass Media Mangala Samaraweera yesterday announced revisions to some of the proposals he announced in his Budget for 2018 relating to taxes on electric cars as well as financing for the purchase of vehicles under lease basis. In the budget-2018 the finance minister had introduced an appropriate incentive structure to promote importation of vehicles powered by non-fossil fuel. In addition, the Loan to Value (LTV) ratio for motor cars which is 50:50 at present will be further relaxed for Hybrid vehicles. However, sale under a sales agreement entered in to, before 01.04.2018 will not be liable for VAT. Duty on locally assembled vehicle will remain as 30% and not 40 percent as announced in the budget on November 09(CK)

Source: Sunday Times November 17, 2017 02:48 UTC