Imported Vehicle Prices Set to Surge in Sri Lanka Amidst Rupee Depreciation and Tax Hikes

Prasad Manange, President of the Vehicle Importers’ Association of Sri Lanka (VIASL), has cautioned that imported vehicle prices are expected to rise significantly in the near future. This surge is primarily driven by the continued depreciation of the Sri Lankan Rupee against the US Dollar and a 2.5% increase in the Social Security Contribution Levy (SSCL), which took effect in May. Manange indicated that popular models such as the Honda Vezel could see price hikes of around Rs. 300,000, with the Toyota Revo potentially increasing by approximately Rs. 250,000. The government is reportedly anticipating substantial revenue from vehicle imports.