Allowing vehicle imports could garner Rs. 450 b tax revenue: CAL executive

Monday, 13 November 2023 02:11 - - {{hitsCtrl.values.hits}}

Kanishke Mannakkara

Capital Alliance Group COO Kanishke Mannakkara on Saturday suggested that the Government should open up vehicle imports which could garner Rs. 450 billion in tax revenue.

Speaking at a pre-Budget webinar organised by the Daily FT and other stakeholders, the CAP official said that given the pent up demand, import of vehicles could garner higher taxation.

He insisted this approach was more meaningful than tinkering with other smaller revenue measures or resorting to unethical retrospective and super gain taxes.

Mannakkara said that in 2024 if allowed, vehicle imports could rise to $ 1 billion enabling the Government to raise Rs. 450 billion in taxes out of Rs. 3 trillion required. He was of the view that higher imports in 2024 would increase income from levies and taxes.

It was pointed out that despite scepticism, the motor industry is an integral part of the economy.

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