The Minister however noted that Sri Lanka imposes a smaller tax compared to other countries. (Colombo Gazette)Download (PDF, 1.45MB) Finance Minister Mangala Samaraweera revealed the controversial fuel price formula to the media today.He said the maximum retail price is based on four factors, namely landing cost, processing cost, administrative cost and taxation. The Minister said that imposing taxes on fuel is a process followed in other countries as well.He said that taxes are needed to offer other concessions to the general public.
In addition, the first report of 2009 highlights the scrappage incentive schemes currently in place across Europe together with an economic overview. SMMT has consistently called for a similar scheme to be implemented in the UK and a co-ordinated and sustainable European approach to boost consumer confidence and kick-start the market. In the current economic situation, with falling vehicle registrations and the challenges posed by a lack of available credit, forward planning is vital. The Society of Motor Manufacturers and Traders (SMMT) has revised its ‘European Car and Commercial Vehicle Production Outlook’ report to reflect the rapidly changing European vehicle manufacturing sector. The series of reports is available free of charge to SMMT members, from the dedicated member services area of the SMMT website, and at a cost of £4,000 to non-members. For more information on joining the Society, the leading trade association for the industry, please visit www.smmt.co.uk. Notes:At Ã¢â€š¬20 bn, the automotive sector is Europe’s largest investor in R&D, driving industry forward and helping deliver more sustainable motoring for the 21st century. Technological innovation has helped car and CV manufacturers slash CO2 and air quality emissions from vehicles. New diesel cars for example emit 95% less soot from the tailpipe than those made 15 years ago and average new car CO2 has been cut by 16% since 1997. The energy needed to produce each vehicle is down 12%, water use is down 9% and waste to landfill is down 25%, compared to 2006 performance. CO2 emissions per vehicle produced have fallen 14% in the last year and by 45% since 1999. Almost 10,000 tonnes of waste have been prevented from entering landfill sites. For more details, download SMMT’s ninth annual Sustainability Report from the SMMT website www.smmt.co.uk/category/reports/.Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window) There will be a series of nine reports throughout the year which will give insight into announcements made by vehicle manufacturers on production plans and new model launches. It also provides market intelligence on future models which have yet to be officially confirmed and insight from discussions with leading industry representatives throughout the European supply chain. Economic data and trends, along with data on the production capacity and investment activity at vehicle assembly plants will also be included.