Government announces New Excise Duty Rates for Vehicle Imports

Signed by President Anura Kumara Dissanayake, acting as the Minister of Finance and Economic Development, the gazette outlines excise duties ranging from 200% to 300% for vehicles no older than 10 years from their manufacture date.

Key Highlights of the New Policy:

    •    Passenger Vehicles: Excise duties range from 200% to 300% for vehicles not exceeding 10 years from their date of manufacture.

    •    Modified Vehicles: Vehicles carrying fewer than 13 passengers are taxed at 300% if they are not exceeding 2 years from their date of manufacture and have been modified.

    •    Engine Capacity Rates:

    •    Vehicles with engines between 1,000cc and 1,500cc are taxed at Rs. 3,850 to Rs. 4,450 per cubic centimeter (cc).

    •    Vehicles exceeding 3,000cc face duties up to Rs. 13,300 per cubic centimeter (cc), depending on their age.

    •    Hybrid and Electric Vehicles: Duties vary based on motor type and battery capacity, with electric-only vehicles taxed at 200% if older than 3.5 years and up to 300% for newer models.