mdsjw03

not 100% sure about vat

reducing vat to 8%, nbt to 2%, but are they going to increase some other tax ? !!!!!!!!!!!!

In the budget speech it was proposed to reduce NBT from 3% to 2%. (Please refer page 57 of the budget speech.) When are they going to implement it?

Any update on NBT reduction ?

I think the second table is the correct, according to http://www.customs.gov.lk/tariff/formula_2011.pdf

Oh dear... there are two tables. I was using the second. Using the first gives another answer. What is wrong with our customs people.......... More confusion........

http://www.customs.gov.lk/tariff/chapter872011.pdf Use the taxes and apply in http://www.customs.gov.lk/tariff/Tariff%20Calculator.xls to get the taxes. So, for an example engines with less than 1600CC TAX is 121%.

Honda recalled CIVIC hybrids because of a software error that caused the battery life to reduce. (2006 - 2008) . Most blogs in the internet mention that after honda fixed the problem, fuel efficiency reduced. Hybrid cars need to be "climatized". People in other countries purchase hybrids because they get the warranty. Those cars are manufactured to suit the weather conditions in their respective countries. Unless you buy a hybrid from a local agent you will not get your warranty. You may need to throw your car away for scrapping. As for the battery life, yes it depends on temperature, but if i am not mistaken, battery life reduces in warmer and humid weather conditions. By the way, even before 2011 budget hybrid tax was very low. People didn't notice it. I suggest any one planning to buy a hybrid to ask from local agents why they are not offering the hybrid in sri lanka, there should be a pretty good reason for it.

duplicate

just got caught to rumors. enough of it.......sry abt that but some taxes have gone up like excise. may be u r right. it ain't a clear cut no.

What is the exact tax on vehicles after budget, excluding depreciation?

sorry mate, any person can change their own opinion. It is called democracy. You better check with customs rates, you will be amazed how things have unfolded. Some tax changes were not in the budget speech, ex:- cess/excise. One of the best budgets ever.. This time they have considered private sector as well.

I would not recommend buying a hybrid because, 1. Battery life depends on the climate, battery life will reduce in hot climates 2. Battery replacement cost is close to 800k (every 160k / 10 years lifetime in US), implying no secondhand value 3. Sluggish pickup 4. No spare part availability for the engine 5. Difficult to do regular service If i remember correctly Toyota Prius was offered by toyota lanka some time back, but they stopped it for unknown reasons.

Before commenting please check customs site/finance site

Any way, Cess is 10%, vehicle classification changed, new taxes => no benefit => good, from a point of view of an existing car owner So the government has kept its word on tax

My bad, for not being specific I was refering to brand new cars via Local Agents (MAZDA/CIVIC/Corolla) government has changed the excise duty, go to treasury site, there is a document called excise2011. This was not part of the budget speech. HSCODE - 8703.5x engine capacity>1500CC , less than 1600CC Excise 17% -> 37% engine capacity>1600CC , less than 2000CC Excise 27% -> 47% But i would say this is a superb decision. Since engines with more than 1500CC consume more petrol, more pollution So well Done MR. So if this is the case this shows our government is not bad after all. This is the way to go !!!!!!!!!!!!!!!!!!!!!!!!!!

my bad, for not being specific Go to treasury site there is a document Excise 2011 in it it says when the engine capacity> 1500 ( All export corolla/civic/mazda3 falls under this) excise has increased <1600 CC excise 17% -> 37% >1600 CC excise 17% -> 47% HS code 8703.23.5x

All the brand new MAZDA 3, Corolla 141, Honda CIVIC prices will increase. No one will buy vehicles from them now.

duplicate

They have increased the tax to compensate for depreciation

what type of vehicles fall under these sections ??

is this for commercial / private?