Consumers’ ability to purchase vehicles has declined, say importers

The Vehicle Importers’ Association of Sri Lanka (VIASL) has called on the Government to introduce policy reforms to improve the efficiency of the vehicle import sector and provide relief to both importers and buyers.

The association made the appeal at a media briefing held in Colombo.

VIASL Vice President Arosha Rodrigo said the current regulations governing vehicle financing and the import process had affected both market efficiency and consumers’ ability to purchase vehicles.

He noted that although a 50 per cent surcharge has been imposed on vehicle imports, consignments are still arriving in the country in line with orders placed several months ago.

He further said that the Central Bank of Sri Lanka’s restriction limiting leasing facilities to up to 40 per cent of a vehicle’s value has reduced consumers’ purchasing power.

As an alternative, he proposed introducing an L/C margin mechanism at the stage of opening Letters of Credit (L/Cs) for vehicle imports.

Mr Rodrigo added that taxes levied when vehicles are cleared from the port make a significant contribution to Government tax revenue, and that this income is also important in meeting the Government’s day-to-day expenditure.

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