BUDGET GIVES REDRESS FOR NISSAN ELECTRIC VEHICLES IMPORTED DETAINED

Any vehicle imported to Sri Lanka on or after May 22, 2020, but not before November 12, 2021, & Electrically propelled vehicles imported before November 12, 2021, which were seized at Customs, will be released subject to payment of the applicable taxes and fines

Transportation : Establishing a Road Maintenance Fund. It has been proposed to establish a Road Maintenance Fund by charging an annual fee of not less than Rs. 100 per vehicle when obtaining revenue licenses. The fund is expected to provide for all types of road maintenance annually, while Rs. 100 million is to be allocated in the 2023 budget to set up the fund.

Necessary incentives will be provided to promote the use of electric cars locally as well as assembling them. Accordingly, Social Security Contribution Levy will be waived only for organizations that assemble motor vehicles and add at least 25% local value and produce the required parts locally. Here, the Ministry of Industry should coordinate with all registered electric vehicle component manufacturers and approved local electric vehicle assemblers to ensure local value addition and use of locally produced electric vehicle components for the development of the local electric vehicle component manufacturing industry. I propose to establish a communication technology system for this purpose under the Ministry of Industry.The proposed information system should ensure automatically the value of locally sourced car components and the percentage of local value addition of the cars being assembled by every electric car assembly company for tariff concessions. This computerized information exchange system shall be developed and maintained by the Ministry of Industries.