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Vehicle Registrations Dip As Govt. Increases Taxes


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Vehicle registrations dip as govt. increases taxes

New vehicle registrations in July dip to 4338 from 5069 in June

Vehicle registrations dropped to 43,725 in July from a high of 48,157 a month earlier, while 12-month growth in the demand for vehicles had also dropped down to 30.8 percent from a 55.8 percent growth in June, official data showed.

In July, new car registrations fell to 4,338 from 5,069 the previous month. Three-wheeler taxi registrations also fell to 12,799 from 13,753; motor cycle registrations fell to 20,828 from 22,690 while dual purpose vehicle registrations were the only vehicle type to have any growth and had gone up to 944 from 921 a month earlier. Sales of goods vehicles too had fallen to 1,056 from 1,084 a year earlier.

The sale and import of vehicles had seen a steep increase over the past year after high taxes which curbed the citizen's buying power leading to pent up demand being met, especially in the sale of motor cars. Taxes were raised again this year, though not to the earlier levels.

In the seven months ending July this year vehicle registrations had reached 292,297, up 57.5 percent from a year earlier. Car registrations rose 74.1 percent against the previous year to 34,221 in the first seven months of the year while three wheeler registrations too rose 69.1 percent to 76,185. Meanwhile, motor cycle sales rose 26.3 percent from the previous year to 143,976. (LBO)

more :- http://print.dailymirror.lk/news/news/57157.html

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