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Vehicle Import Restrictions to be Lifted!


Izza

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Even if the vehicle market is opened we need to make sure that LC payments should happen gradually not to shock the exchange market. When the bond restructure took place few months back some banks needed to buy dollars from the market and the rates went up by around Rs. 20. I don't have the exact figures but this would have been in millions. Moment this happened exporters kept their dollars expecting further depreciation that pushed the dollars more. CBSL at the moment does not have sufficient reserves to manage these shocks.

Just imagine if we open LCs to USD billions and when they come in within a period of few months.

Main reason for giving away of the restrictions is to satisfy the IMF and other donor agencies and to bring in taxes. So how the hell you are going to achieve that with lower taxes.

Vehicle importers are lobbing for older vehicles to maximize their profits. New cars have gone up in prices and as a result used prices too. Universally people are hanging on to their vehicles for a longer time. 

In my view better to wait until this whole hulla balu is settled my be a year or so (we have already waited 5 years) until this whole thin is settled.

Once we have more stability in the economy there could always be possibilities in tax reductions or some kind of permit systems that would bring down the cost.

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I see an influx of ads of people trying to sell their cars on social media. And so called "buyers" who are most likely brokers quoting rock bottom offers no doubt trying to take advantage of all the confusion to make a quick buck. Told a few people not to be so quick to dispose of their cars in this bloodbath but if they have the finances to go for a new one to go ahead. We have to start repaying our loans by 2028 and unless some serious reforms take place between now and then this vehicle importing window could be very short lived.

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Contacted few exporters in Japan and none of them are accepting LCs. Only 100% advance for any export to Sri Lanka.

Also, seeing a lot of new importers with new Facebook pages trying to take people for a spin with their whole new translations of auction sheets.

A lot are desperate to get their hands on a new vehicle, a lot will not get the best value for their money I feel.

Edited by slingshot
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Not even that i have seen few advertisements in FB market place with below market prices. However when inquired i get the feeling that they are not genuine sales. I believe there is a racket to bring the current market prices down by a certain segment.

In a country where majority do not pay or underpay their taxes there is no way the government can afford to reduce taxes on spending. This is the only way we can recover taxes. Only victims in this process is very few people who actually pay taxes majority being middle class salaried who end up paying taxes up to 36% on their salary and when they save that get taxed too.

If ever there is to be justice they should not allow anyone to bring down a vehicle who has not paid their taxes for the last five years. Better still may be imposed a license system based on taxes paid.

 

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  On 1/14/2025 at 5:45 AM, RWD said:

I see an influx of ads of people trying to sell their cars on social media. And so called "buyers" who are most likely brokers quoting rock bottom offers no doubt trying to take advantage of all the confusion to make a quick buck. Told a few people not to be so quick to dispose of their cars in this bloodbath but if they have the finances to go for a new one to go ahead. We have to start repaying our loans by 2028 and unless some serious reforms take place between now and then this vehicle importing window could be very short lived.

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That is the thing...if you have a decent car...it probably is best to hold on to it at this stage. There are way too many vultures simply waiting to exploit the situation by spreading fake news.

  On 1/14/2025 at 6:57 AM, slingshot said:

Contacted few exporters in Japan and none of them are accepting LCs.

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A whole lot of Japanese owned exporters stopped exporting to Sri Lanka decades ago because of all the LC racketeering. Have you noticed that most of these "we are ready to import" adverts are either anonymous or some unknown entity who has "just entered the market"? The "veteran" importers (who are usually also exporters from Japan) seem to be more focussed on getting the government to extend the age limits.

  On 1/14/2025 at 6:57 AM, slingshot said:

Also, seeing a lot of new importers with new Facebook pages trying to take people for a spin with their whole new translations of auction sheets.

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I like to troll those posts. Have received some nicely worded DMs too :D 

  On 1/14/2025 at 6:57 AM, slingshot said:

A lot are desperate to get their hands on a new vehicle, a lot will not get the best value for their money I fee

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Sad truth is Sri Lankans have not gotten their money's worth when it comes to cars for a long time. A majority coming in were junk cars and it is going to continue. But you are right...desperation of the buyers are most likely going to lead to these importers taking advantage of them even more.

  On 1/14/2025 at 7:05 AM, kush said:

If ever there is to be justice they should not allow anyone to bring down a vehicle who has not paid their taxes for the last five years. Better still may be imposed a license system based on taxes paid.

 

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I actually like this idea. A good tax history should result in duty credits for a vehicle import. I believe a similar program was there a long time ago. My uncle got a Civic FD (when they were still brand new) through something like that.

 

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