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Local Vehicle Importers Warn of Price Increase Following Proposed Resumption of Vehicle Imports

Local vehicle importers have voiced concerns that the current market prices of vehicles are set to rise following the anticipated resumption of vehicle imports from next year due to changes in the duty structure.

They highlighted that the government implemented a significant alteration in the duty structure in January, leading to a notable increase in the marginal cost of importing vehicles.

Importers further stated that vehicles would be subject to substantial restrictions upon importation.

According to a survey conducted by the association, it is projected that existing local market prices of vehicles will surge following the importation of new vehicles.

During a gathering organized by the United Youth Union, titled “Future of the Youth,” held this week at Taprobane Entertainment, President Ranil Wickremesinghe expressed his intention to gradually ease the import of private vehicles starting next year.

The President also mentioned that, under the balance of payments, the government has permitted the import of everything except vehicles.

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