The third-party risk insurance levy that is being charged on vehicles will be increased to 2% from its current rate of 1% with effect from 1 October 2021, an extraordinary gazette notification announced last week.
Moreover, the levy that was charged on all motor vehicle insurance was 1%. Consequently, this tax levy is credited monthly to the Road Safety Fund by the relevant insurance institution.
The Road Safety Fund was established under Section 213B (2) of the Motor Traffic Act (Chapter 203), and the Fund is maintained by the National Council for Road Safety of the Ministry of Transport.
The regulations were made by Transport Minister Pavithra Devi Wanniarachchi in accordance with the powers vested in her under Section 237 of the Motor Traffic Act (Chapter 203), in accordance with Section 213B of the aforesaid Act.
As such, the extraordinary gazette notification added that the Road Safety Fund Regulations No. 1 of 2004, which was published in Gazette Extraordinary No. 1368/18 of 24 November 2004, is rescinded.
Third-party risk insurance levy raised to 2%
23 Sep 2021
Third-party risk insurance levy raised to 2%
23 Sep 2021
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