"Go-Kart" Vechcles will be liable for the peyment of 55% of CIF value as othe taxes, Other words Sri Lankan government announced that it has only exempted the “Go-Kart”, which can be used for traveling by one person from Excise Duty.The Government said the importation of ‘Go-Kart’ vehicles will be liable for the payment of 55% of CIF value as other taxes.
It also announced, that the importation of racing cars except for Go-Karts are liable for payment of 200% to 350% of CIF value as taxes, including Excise and Special Provisions duty, depending on the cylinder capacity(CC) of the vehicle.
According to the Government, the objective of the tax concessions for ‘Go-Kart’ is to improve the sports economy and tourism activities and thereby to increase the country’s income.
The latest clarification by the government regarding its 2013 budget proposals comes, following criticism by the opposition, which said that the government has allowed duty free importation of Lamborghini vehicles.
About the "Go-Kart"
A go-kart is a small four-wheeled vehicle. Available in all shapes and forms, from motorless models to high-powered racing machines, some, like Superkarts, being able to beat racing cars on long circuits.
Amusement park go-karts can be powered by 4-stroke engines or electric motors, while racing karts use small 2-stroke or 4-stroke engines. Most of them are single seater but recreational models can sometimes accommodate a passenger.
Post a Comment