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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.

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