2 sourcesUpdated 1h ago

CMTA calls for urgent budget action to plug Rs. 120 billion revenue leakage linked to 15% depreciation

The Ceylon Motor Traders' Association has urged the Government to abolish a 15% depreciation allowance on used vehicle imports in the forthcoming budget, citing estimated revenue losses of Rs. 120 billion by September 2026.

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Colombo Gazette1h agoCMTA calls for urgent budget action to plug Rs. 120 billion revenue leakage linked to 15% depreciation Read on Colombo Gazette

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Ada Derana Biz2h agoCMTA calls for urgent budget action to plug Rs. 120 billion revenue leakage linked to 15% depreciation

Summary

The association, affiliated with the Ceylon Chamber of Commerce, argues that the valuation arrangement gives used vehicle imports a tax advantage over brand-new vehicles and wants a unified taxation framework. The association wants stronger oversight of vehicle import valuations and action against practices that undermine duty collection.

Summarised from Colombo Gazette