Colombo, March 25 -- According to the International Monetary Fund (IMF) agreement, vehicle taxes cannot be reduced, and there will be no tax revisions on vehicle imports this year, Senior Economic Advisor to the President Duminda Hulangamuwa said.

While addressing a television programme last night, he said that the IMF agreement had been published and explicitly mentioned that no tax concessions could be granted during the year.

"The government expects to generate between Rs. 300 million and Rs. 350 billion from vehicle imports this year. Various vehicle models, including electric and reconditioned vehicles, have arrived in the country. However, the government cannot yet calculate the total tax revenue, as customs clearances are still i...