Search the Community

Anybody knows how to calculate luxury tax? Is it (CIF Value - 3,500,000.00) in case of petrol vehicles? For an example, if a CIF of certain vehicle is EUR 18,187, then on 20/11/2019, the selling rate of Euro is 201.8802 18,187 x 201.8802 = LKR 3,671,595 Therefore extra amount beyond 3,500,000 is LKR 171,595 Then luxury tax = 100% of extra amount = LKR 171,595 Is this calculation correct? Thanks in advance.

According to the revised version of Luxury Tax, all cars which exceeed the CIF value 3.5 million are subjected to Luxury tax. But small cars will be exempted from the tax. "Accordingly, Toyota Vitz, Suzuki Every, Toyota Roomy, Suzuki Alto, Suzuki Baleno, Daihatsu Petrol, Honda Grace, Suzuki Wagon R, Toyota Aqua are not subjected to this luxury tax. Also normal Axio, Premio and Allion models will also be free from the luxury tax." - copied from a newspaper website. So no mentioning of CHR. So that means CHR and new Toyota Corolla have been affected by Luxury Tax?????

Dear Friends Central Bank publishes a three exchange rates daily. They are 1) Indicative Rate 2) Buying Rate 3) Selling Rate Out of them what is the rate used for calculation of luxury tax. For an example, if the CIF value of a certain vehicle is Euro 18,187.00, then for today (05/02/2020) The Indicative Rate is 1 Euro = LKR 200.2883 The Selling Rate is 1 Euro = LKR 203.5865 If the Luxury Tax is calculated using Indicative Rate, then Lux Tax will be (18,187 x 200.2883) - 3,500,000.00 = LKR 142,643.31 If the Luxury Tax is calculated using Selling Rate, then Lux Tax will be (18,187 x 203.5865) - 3,500,000.00 = LKR 202,627.67 Please let me know if you have any idea on this.

Hi friends, Recently I brought Toyota Harrier Hybride vehicle with 2500 cc petrol engine(AVU65). At the the registration they charged me 130000LKR as luxury tax. But one of my friend got 3000 cc diesel hybride (Benz) & he told me they didnt charged any luxury tax on it because of Hybride vehicle. 1. Is hybride vehicles are free of this luxury taxes? 2. My registration book dosent show any hybride/electric details. it says petrol. is it correct? Please be kind to explain me.... Thanks