Minister Ravi Karunanayake has turned down a presidential recommendation that professionals who had opened their letters of credit to import vehicles before the import duties were increased be released the vehicles at the previous tax rates.
As a result, those who had placed their vehicle importation orders before 26 May 2016 are in a difficult situation, say their association.
Following the increase in the taxes, the prices of vehicles have gone up by as much as Rs. 35 million to Rs. 40 million.
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