Sri Lanka, Sept. 14 -- The Ceylon Motor Traders' Association (CMTA), Sri Lanka's oldest automotive association, is calling for immediate policy reforms to create a fair, transparent and consistent regulatory framework for vehicle imports. At a press conference summoned last week, the association warned that current valuation concessions and recent fiscal measures distort market competition and significantly undermine government revenue.

The primary concern raised by the CMTA is the blanket 15% depreciation applied to the Cost, Insurance, and Freight (CIF) value of used vehicle imports for duty calculation. Used imports are often virtually identical to brand-new vehicles in terms of model, specifications, and mileage. The CMTA estimates t...