News

Small Car Import Duty Increased

Summary

Updated on : 07-08-2018

The import duty on vehicles with an engine capacity less than 1000 cc has been revised from 01st August 2018. Accordingly, the Unit Rate Tax for normal vehicles with an engine capacity less than 1000 cc will be increased upto Rs.1.5 million. For hybrid vehicles with an engine capacity less than 1000 cc, the Unit Rate Tax will be increased up to Rs.1.25 million. However, this unit rate tax revision will not be applicable to vehicles for which Letters of Credit (LC) have been issued prior to August 1, 2018 and vehicles released by the Customs before January 31, 2018.

Vehicles imported during this period will be subject to the earlier import duty depending on the engine capacity.

Vehicle importers commenting on the latest duty increase said that prices of motor vehicles with an engine capacity less than 1000 cc will be increased by Rs.100,000 while the hybrid vehicles with an engine capacity less than 1000 cc will be raised by Rs.400,000 due to this duty increase.

Source: Daily News (Click here)