Racing cars not exempt from tax

The importing of racing cars have not been exempted from taxes, the Ministry of Finance said in a statement today.

The ministry said that the tax exception announced in the 2013 budget was valid only for Go-carts.

Importations of Go-carts are exempted only from Excise (Special Provisions) Duty and it is liable for payment of 55% of CIF value as other taxes, the statement said.

The Finance Ministry said that the objective of this tax concession is to improve the Sports Economy and Tourism activities and thereby to increase the country’s income.

The import of racing cars (Except Go-carts) are liable for payment of 200% to 350% of CIF value as taxes (including Excise (Special Provisions Duty) depending on the cylinder capacity of the imported racing car.