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Thursday, 16 December 2010

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Vehicle tax concession for public sector:

Industry lauds Govt move

The Government tax concession on imported and locally manufactured vehicles for public servants will be a good move to reduce environmental pollution and the maintenance cost of a vehicle by promoting the import of brand new vehicles to the country.

Dr Lawrence Perera Mohan Ratnayake

This step taken by the Government will further increase the present demand, Colonial Motors, Managing Director, Mohan Ratnayake told Daily News Business.

"The present demand for vehicles has exceeded supply after the Government reduced import tax a few months back and thus we are currently waiting for a shipment from the suppliers," he said.

The Government has decided to allow tax concessions for public servants who are in the executive and managerial levels while considering officers in the military service as well. According to the tax concessions, officers are allowed to purchase vehicles ranging from 1000CC to 2600CC and can purchase a vehicle that costs US $ 25,000 or similar price.

Tax concessions or brand new and locally manufactured vehicles will make a car affordable for public servants and professionals of the country, Micro Cars Limited, Chairman and CEO, Dr Lawrence Perera said.

He said that purchasing a new vehicle not only positively affects the environment but it will also create a pleasant condition for public servants to work more effectively since they do not have to depend on the public transportation.

"This decision on the other hand, will improve Sri Lanka's only car manufacturer, Micro and we will be able to increase the volume manufactured. It will also give us the ability to provide more employment opportunities in line with the rising demand. Along with the motor vehicle industry, the local component industry will also develop through this measure," Perera said.

The motor vehicle industry had a boost with the previous tax concessions. With the tax concessions for Government servants, there will be a good demand for lower end motor vehicles, Stafford Motors, Managing Director, Kalinga Kaluperuma said.

The tax concession on vehicles for eligible public sector officials is a welcome move and the Government at the same time should extend this concession to the private sector Senior Executives, Ceylon Motor Traders Association, Chairman, Tilak Gunasekera told Daily News Business.

Private sector Senior Executives pay taxes and they drive the economy forward thus they should be considered for the concession.

"The vehicle sales will grow according to the number of permits the Government decides on giving for the public servants," he said.

 

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