Sri Lankan Government Plans to Lift Vehicle Import Restrictions

State Minister of Finance, Dr. Ranjith Siyambalapitiya, stated that the government intends to restart vehicle imports in the future to increase tax collection.

He emphasized that a proposal would be presented to establish a mechanism where all payments for motor vehicle imports could be finalized within the country where the import takes place.

The Minister stated that a report on increasing tax revenue and securing foreign exchange is currently being prepared, and the relevant proposal is ready to be included in it.

He also mentioned that over 600 vehicles and many other goods are currently held by customs, following various legal procedures. In the future, the Customs Ordinance will be amended to allow goods held by customs due to various legal issues to be released on bail during court proceedings.

From 2015 to 2020, Sri Lanka imported 2.49 million (2,498,714) vehicles. These imports were made from 68 countries under 100 companies. The value of vehicles imported during this period was Rs. 1331.51 billion, and the tax revenue collected by the government over the five years was Rs. 991.12 billion, the Minister further added.