The price of cigarettes will increase by 5 rupees, the excise tax will also increase

COLOMBO (New 1st); The price of a single cigarette will increase by Rs. 5, says Finance Minister Basil Rajapaksa.

Speaking today in the 2022 budget speech (12), the finance minister said the decision was made because cigarette prices had not risen for three years.

In addition, the Minister of Finance said that the government expects an income of Rs. 08 billion from this move.

At the same time, it has been proposed to increase the excise tax with immediate effect, and additional revenue of 25 billion rupees is expected from this tax increase, and the gazette regarding the corresponding tax increase will be published today, he added.

On the other hand, it has also been proposed to impose a fee on damaged vehicles with the possibility of reimbursing this fee by insurance, in order to reduce the number of road accidents.

In addition, the Minister of Finance proposed to impose a fee on the modification, alteration and refurbishment of vehicles and, subject to an amnesty period to pay fines, to legally register the cars. and illegal motorcycles, if they are in a suitable condition for driving.

Likewise, it is proposed to release all vehicles seized at Sri Lanka Customs for non-payment of applicable taxes and for other reasons. However, such release will be subject to applicable taxes and fines.

An additional income of Rs. 04 billion is also expected from this proposal, said Minister Rajapaksa.