Presenting the Budget Speech, Finance Minister – Basil Rajapajsa said that the government expects a revenue of Rupees eight (8) billion through this initiative.
In addition, the excise levy is also to be revised with immediate effect with an additional revenue of Rupees 25 billion expected.
Fee on vehicles in accidents or undergoing modification
It is proposed to impose a fee on vehicles meeting with accidents with the opportunity of reimbursing this fee from the insurance.
Also, it is proposed to impose a fee on vehicle modification, alteration, and refurbishment; and, subject to an amnesty period to pay fines, legally register illegal motor cars and motorcycles, if they are in condition suitable for road.
Similarly, it is proposed to release all vehicles seized at the Sri Lanka Customs owing to non-payment of applicable taxes and other reasons. Such release will be subject to the applicable taxes and fines.