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Racing Cars

DNP

By DNP
in General Automotive

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DNP Newbie

DNP

Posted
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In Last budget,government has reduced the tax of racing cars.but actually I cant understand that word "racing cars" (pls don' t lough).according to my knowledge, I know only about formula 1. In sri lanka most of racing drivers are using modified vehicles.and some models are using only in racing events eg:Lancer evo and subaru wrx .Are they racing cars or in a another catagory. please any body tell me about it?

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Crosswind Newbie

Crosswind

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Posted (edited)

"Racing cars" are a very loose term. Can mean anything from modified Marutis for Formula1s. The budget speech on this topic was heavily misinterpreted (either mistakenly or purposely). As I understand, the tax concessions are for specialized vehicles used for racing purposes (the word 'car' was not used). This includes go-carts too. But the concession wouldn't be there for street-legal vehicles.

Edited by Crosswind
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charitha19 Newbie

charitha19

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again, the term was used loosely to mislead the public... in terms of legality i am pretty sure it has to be track ready versions which cannot be registered for road use.. but i have a feeling the way it is termed it is for the king and the prince's to bring down whatever they want... and say "its tax exempted so is is actually cheaper now" or some this like that...

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Sylvi Apprentice

Sylvi

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again, the term was used loosely to mislead the public... in terms of legality i am pretty sure it has to be track ready versions which cannot be registered for road use.. but i have a feeling the way it is termed it is for the king and the prince's to bring down whatever they want... and say "its tax exempted so is is actually cheaper now" or some this like that...

'charitha19',

Your post is correct. King and the other three who will be next to hold the crown having hopes be there for ever, as things are going on.

Our voters have given them the mandate for that. King his three sons and close relatives are enjoying the best of every thing in this country. At tax payers cost.

Even Roman Empire fell according to history. Reasons are some what smiler to our present administration.

Decline in Morals and Values,Political Corruption,Agricultural Decline,Inflation,Extravagant Spending.

King will use the discretionary power of his unlimited partnership. legislation amended to their needs exempt taxes to their personal fancy to be filled pot

Sooner or later one day every thing will come to an end like what happened in year 1977.

Sylvi Wijesinghe.

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liya Newbie

liya

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.....then one day the people decided enough is enough. "What the Fukc men" they said. When the king and royal family saw the hordes marching up the Castle, the King shouted frantically "yako ara race padina car eka ganing eliyata, okey negalawath yamu ithin dan"

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charitha19 Newbie

charitha19

Posted
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.....then one day the people decided enough is enough. "What the Fukc men" they said. When the king and royal family saw the hordes marching up the Castle, the King shouted frantically "yako ara race padina car eka ganing eliyata, okey negalawath yamu ithin dan"

yep... one day all must end...

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Schiffer Newbie

Schiffer

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just wonderting, peoeple could easily scam this then

like they brought those 400CC+ plus bikes to srilanka and registering them as 250CC

people would easily bring down some super cars/hyper cars (which are not really racing cars) and just say its for racing purpose.

tbh what i feel is, this tax free deduction is, because people start to notice about dilantha's tax free lambo scenario.

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charitha19 Newbie

charitha19

Posted
Posted (edited)

just wonderting, peoeple could easily scam this then

like they brought those 400CC+ plus bikes to srilanka and registering them as 250CC

people would easily bring down some super cars/hyper cars (which are not really racing cars) and just say its for racing purpose.

tbh what i feel is, this tax free deduction is, because people start to notice about dilantha's tax free lambo scenario.

to be more optimistic,, andrew gave a great explanation on how this could actually work to bring more revenue and improve the sport.. i actually didnt know a shell cost only 2 million.. but the fact of the matter is that there are only few who could even afford to put a million down just to bring a single seater to the country.. and then have money left to buy proper racing gear, pay fees, get a team together, pay wages, etc.....

this is all good for our small fraternity to grow.. but u see this is SL.. and sooner or later our buggers will abuse this and bring down whatever they fancy.. thats how things work... but then again development thorugh corruption is an option too....

my only problem is why couldnt they bring down the price of under 1000CC cars so that a normal person can buy a ride... if this was the case more cars will be bought and what ever the taxes imposed will still go to the government... its a win win for the racing community as well as the 99.5% of the masses...

Edited by charitha19
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Schiffer Newbie

Schiffer

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Posted

to be more optimistic,, andrew gave a great explanation on how this could actually work to bring more revenue and improve the sport.. i actually didnt know a shell cost only 2 million.. but the fact of the matter is that there are only few who could even afford to put a million down just to bring a single seater to the country.. and then have money left to buy proper racing gear, pay fees, get a team together, pay wages, etc.....

this is all good for our small fraternity to grow.. but u see this is SL.. and sooner or later our buggers will abuse this and bring down whatever they fancy.. thats how things work... but then again development thorugh corruption is an option too....

my only problem is why couldnt they bring down the price of under 1000CC cars so that a normal person can buy a ride... if this was the case more cars will be bought and what ever the taxes imposed will still go to the government... its a win win for the racing community as well as the 99.5% of the masses...

to be more optimistic,, andrew gave a great explanation on how this could actually work to bring more revenue and improve the sport.. i actually didnt know a shell cost only 2 million.. but the fact of the matter is that there are only few who could even afford to put a million down just to bring a single seater to the country.. and then have money left to buy proper racing gear, pay fees, get a team together, pay wages, etc.....

this is all good for our small fraternity to grow.. but u see this is SL.. and sooner or later our buggers will abuse this and bring down whatever they fancy.. thats how things work... but then again development thorugh corruption is an option too....

my only problem is why couldnt they bring down the price of under 1000CC cars so that a normal person can buy a ride... if this was the case more cars will be bought and what ever the taxes imposed will still go to the government... its a win win for the racing community as well as the 99.5% of the masses...

good point there,

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Crosswind Newbie

Crosswind

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This information is straight out of the treasury website:

"Importation of a "Gocart", which can be used for travelling by only one person and classified under racing cars have been separately identified creating a separate HS code 8703.21.62. Importations of Gocarts are exempted only from Excise (Special Provisions) Duty and it is liable for payment of 55% of CIF value as other taxes. Objective of this tax concession is to improve the Sports Economy and Tourism activities and thereby to increase country's income. Importation of racing cars (Except Gocarts) is liable for payment of 200% to 350% of CIF value as taxes (including Excise (Special Provisions)Duty)depending on the cylinder capacity of the imported racing car."

http://www.treasury.gov.lk/index.php?option=com_content&view=article&id=415:importation-of-racing-cars-except-gocarts-not-exempted-from-excise-special-provisions-duty&catid=1:latestnews

Basically, this confirms that the the reduction of excise tax is for go-carts and a special HS-Code has been created for them. However, single seaters can also be classified as go-carts.

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