According to an analysis of registry data by JB Securities, a Colombo-based brokerage, premium vehicles costing up to 300 million rupees, including a Bentley, Ferrari, and Mercedes-Maybachs, have been registered in Sri Lanka. In November 2025 alone, registrations included a pre-owned Bentley Continental GT, a pre-owned Ferrari 296 GTB, a brand new Mercedes-Maybach GLS SUV, and a Maybach S580 sedan.

JB Securities highlighted that these vehicles fall within the 200-300 million rupee range. “We owe thanks to these buyers, as their purchases have significantly contributed to the Treasury,” the brokerage noted in a communication to clients. It estimated that approximately two-thirds of the street value of these vehicles is accrued by the government in the form of taxes.

In 2025 to date, registrations include five used Bentleys, one used Rolls-Royce, ten used Porsches, two used Ferraris, two Lamborghinis, and six brand new Porsche vehicles, based on JB Securities data.

Sri Lanka is known for having one of the highest vehicle tax rates globally. The country maintains a large public sector, which includes a significant number of unemployed graduates and a legacy military from its civil war, necessitating high tax levels. Vehicle imports were banned in 2020 when rates were reduced to address an econometric output gap through inflationary open market operations.

Sri Lanka has a history of implementing tax hikes following currency crises triggered by the central bank’s liquidity injections and interest rate suppression, a practice dating back to 1952. Under the approach known as revenue-based fiscal consolidation, cost-cutting measures were abandoned in favor of money printing to target the econometric output gap, ultimately leading to a sovereign default in less than a decade.