The prices of imported vehicles in Sri Lanka are expected to increase from May 1 due to the rise in the Social Security Contribution Levy (SSCL) by 2.5% and the further depreciation of the Sri Lankan rupee against the U.S. dollar.
Chairman of the Sri Lanka Vehicle Importers Association, Prasad Manage, stated that the combined impact of higher taxes and exchange rate fluctuations will significantly increase the prices of several popular vehicle models.
According to him, the Honda Vezel could see a price increase of around Rs. 300,000, while the Toyota Raize may rise by approximately Rs. 250,000. The Suzuki Wagon R is also expected to increase by about Rs. 150,000.
Vehicle importers warn that the price hikes could place additional pressure on consumers already affected by the high cost of living, potentially weakening demand in the local vehicle market.
