Sri Lanka is expecting about 1.2 percent of gross domestic product in taxes from vehicle imports in 2025, Labour Minister and Deputy Finance Minister Anil Jayantha said.
Vehicle imports will also contribute to other economic activities he said.
Sri Lanka has budgeted total revenues to go up to to 4,960 billion rupees in 2025 (15 percent of GDP) from 4031 billion in 2024 (13.4 percent of GDP).
Tax revenues are expected to go up by up 885 billion rupees from 4,031 billion rupees (13.4 percent of GDP) to 4,590 billion rupees (13.9 percent of GDP).
In rupee terms 1.2 percent of GDP work out to about 396 billion rupees of projected gross domestic product.
Sri Lanka banned over 3,000 imports in 2020 as the central bank cut rates with inflationary direct and open market operations (money printing).