Photo Gallery | 185855 Views | May 06,2019
A new directive to remove depreciations that have been applied to customs duties on imported second-hand items, including vehicles, have been promulgated.
Issued by the Ministry of Revenues on May 15, 2019, the directive has lifted the uniform 30pc depreciation applied across used items, regardless of the age of the item.
Customs officials have been deducting 30pc of the value of imported used items when they calculate customs duties.
Since the new directive was issued, the price of automobiles has significantly increased in the market.
By this morning, the price of Toyota Vitz model cars has increased by 80,000 Br, according to car dealers in the capital.
"Most of the sellers have been hoarding their vehicles as rumours spread that the price of cars will increase by 150,000 Br," said one of the retailers.
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