Sri Lanka, July 1 -- The easing of vehicle import restrictions provided essential relief to the Ceylon Motor Traders' Association (CMTA), restoring business confidence, Andrew Perera the re-elected Chairman of CMTA told its 106 AGM held on Friday (26). He however cautioned that significant revenue leakage, estimating Rs 80 billion by year-end, will potentially rise to Rs 100 billion due to under-valuation and other issues.

Perera said while CMTA had many areas in policy that needed to be enforced, and focused on two very critical areas, one the 15% depreciation offered to used car importers and under valuation which had been a challenge for CMTA for many years. He said these policy reforms were needed to ensure a level playing field for ...