Selling And Transferring A Car Bought Under Permit

[PubuduDP]

Hello everyone,

Can someone please clarify if its possible to sell and transfer a vehicle bought under permit before three years completion? It seems like government had revised the rule in 2012 to allow owners to sell the vehicle bought under permits before three years completion. Can someone please confirm if this rule is still valid? An article I found on daily mirror is below. This is for an urgent matter please let me know.

http://www.dailymirror.lk/news/23550-restriction-for-permit-vehicles-removed.html

Cheers,

Pubudu.

[Crosswind]

Hello everyone,

Can someone please clarify if its possible to sell and transfer a vehicle bought under permit before three years completion? It seems like government had revised the rule in 2012 to allow owners to sell the vehicle bought under permits before three years completion. Can someone please confirm if this rule is still valid? An article I found on daily mirror is below. This is for an urgent matter please let me know.

http://www.dailymirror.lk/news/23550-restriction-for-permit-vehicles-removed.html

Cheers,

Pubudu.

Yes it's still valid.

10% of the CIF value of the vehicle, converted to LKR needs to be paid as tax for RMV for the first transfer.

[Harry (aq)]

Does anyone know how RMV determines the CIF value of the vehicle in concern?

[The Don]

Does anyone know how RMV determines the CIF value of the vehicle in concern?

Not sure of the exact mechanism but can only think of two from a Sri Lankan context.

Pre determined valuation tables the customs have at their disposal

Agent valuation approved by customs at the time the vehicle was imported

[Harry (aq)]

Not sure of the exact mechanism but can only think of two from a Sri Lankan context.

Pre determined valuation tables the customs have at their disposal

Agent valuation approved by customs at the time the vehicle was imported

Thanks Don,

Or may be they use the same value which was used at initial registration and taxation.

And the other question is if they are using the USD value or the LKR value. because the USD value is subject to current exchange rate.

[The Don]

Thanks Don,

Or may be they use the same value which was used at initial registration and taxation.

And the other question is if they are using the USD value or the LKR value. because the USD value is subject to current exchange rate.

They will use USD but using the same logic as you have used above use the exchange rate used at the time (or prevelant at the time).