Sri Lanka scraps pandemic-era ban on vehicle imports to reap tax rewards
Sri Lanka is relying on taxes from vehicle imports to boost revenue and revitalize its struggling economy. President Anura Kumara Dissanayake's maiden budget aims to meet the IMF's tax target of 15% of GDP by lifting the 2020 ban on vehicle imports, which previously generated substantial revenue through taxes of approximately 300%. The president assured that the impact of vehicle imports on external sector stability would be carefully monitored.
The 2020 ban on vehicle imports was initially implemented to conserve foreign exchange, but it resulted in the loss of a significant revenue stream for the government. In addition to lifting the import ban, the budget includes measures to increase revenue from the gaming industry, such as doubling the entrance fee for casinos to US$100 and raising the turnover tax on gaming establishments from 15% to 18%.
via SCMP Full Text Feed
Sri Lanka is relying on taxes from vehicle imports to boost revenue and revitalize its struggling economy. President Anura Kumara Dissanayake's maiden budget aims to meet the IMF's tax target of 15% of GDP by lifting the 2020 ban on vehicle imports, which previously generated substantial revenue through taxes of approximately 300%. The president assured that the impact of vehicle imports on external sector stability would be carefully monitored.
The 2020 ban on vehicle imports was initially implemented to conserve foreign exchange, but it resulted in the loss of a significant revenue stream for the government. In addition to lifting the import ban, the budget includes measures to increase revenue from the gaming industry, such as doubling the entrance fee for casinos to US$100 and raising the turnover tax on gaming establishments from 15% to 18%.
via SCMP Full Text Feed
