Many were keeping high hopes on the 2027 Budget for some much-needed relief on vehicle imports. However, no concessions have been granted, revealed Arosha Rodrigo, Vice President of the Vehicle Importers Association of Sri Lanka (VIASL).
In a special statement, Rodrigo pointed out that President Anura Kumara Dissanayake presented the 2027 Budget in Parliament yesterday (12), but it brought zero changes to existing vehicle import taxes or surcharges.
Finance Ministry cites foreign reserves and Middle East war
The association had officially inquired from the Ministry of Finance about the possibility of granting relief to the vehicle import sector. According to Rodrigo, ministry officials took a cautious stance.
The Ministry indicated that with Sri Lanka's foreign exchange reserve position and the ongoing war in the Middle East, it was safer to simply keep vehicle imports running under existing arrangements.
Rodrigo added that regulations governing the Loan-to-Value ratio have also been strictly enforced via an official circular issued by the authorities, despite repeated appeals from the association for concessions.
