Imported vehicle prices in Sri Lanka are expected to rise from May 1, following a 2.5% increase in the Social Security Contribution Levy (SSCL) and the continued appreciation of the US dollar.
President of the Lanka Vehicle Importers Association, Prasad Manage, said that the combined effect of higher taxation and currency fluctuations will significantly push up retail prices of popular vehicle models.
He noted that the price of a Honda Vezel could increase by around Rs. 300,000, while a Toyota Raize may see an increase of approximately Rs. 250,000.
He further added that the price of a Suzuki Wagon R is expected to rise by about Rs. 150,000.
Importers have warned that these price hikes could place additional pressure on consumers already facing a high cost of living, while also reducing demand in the vehicle market.
