exchange rate Exchage Rate used for Luxury Tax; Selling Rate or Indicative Rate

[Dhaham]

Dear Friends

Central Bank publishes a three exchange rates daily. They are

1) Indicative Rate

2) Buying Rate

3) Selling Rate

Out of them what is the rate used for calculation of luxury tax. For an example, if the CIF value of a certain vehicle is Euro 18,187.00, then for today (05/02/2020)

The Indicative Rate is 1 Euro = LKR 200.2883

The Selling Rate is 1 Euro = LKR 203.5865

If the Luxury Tax is calculated using Indicative Rate, then Lux Tax will be (18,187 x 200.2883) - 3,500,000.00 = LKR 142,643.31

If the Luxury Tax is calculated using Selling Rate, then Lux Tax will be (18,187 x 203.5865) - 3,500,000.00 = LKR 202,627.67

Please let me know if you have any idea on this.

[kush]

Customs has their own rate see their web site

[iRage]

Customs has their own rate which is a pegged rate (i.e. their rate does not change on a daily basis...)

[amsandun]

18 hours ago, iRage said:

Customs has their own rate which is a pegged rate (i.e. their rate does not change on a daily basis...)

yes, Customs uses exchange rates on a weekly basis. One fixed rate for a week starting Monday.

[Dhaham]

Thanks you very much for the information