Import of vehicles only by next year-Minister
The gradual increase in dollar reserves and the rise in the value of the rupee will allow the import of vehicles at least by next year, Finance State Minister Ranjith Siyambalapitiya told the Business Times.
The committee appointed to carry out a comprehensive study to systematically remove restrictions on the import of vehicles has already made its recommendations, he added.
Meanwhile the Government is planning to pass a law implementing vehicle import standards to prevent malpractices and irregularities in the current process before removing the present restrictions.
Finance Ministry sources said the authorities are compelled to take this decision in the wake of directives issued by a parliamentary committee on the present scheme of importing e-vehicles for foreign expatriate workers.
Cabinet of ministers have recently approved the extension of an electrical vehicle import license scheme, for Sri Lankan expatriates, till June 30.
Chairman of the Committee on Public Finance Dr. Harsha de Silva noted that there is no transparency in the scheme of providing fully electric vehicle licences to
Sri Lankans working abroad.
He issued a directive to the Ministry of Finance, the Central Bank, Sri Lanka Customs and the Ministry of Labour and Foreign Employment to carry out a full analysis one e-vehicle importation as it appears that there are many issues pertaining to the matter.
Instructions have been given to find out whether foreign remittances, which is the desired objective is received at a significant level through this system.
The committee also stated that through this, vehicles with a tax relief amounting to Rs. 100 million have been imported. It was disclosed that 1,019 licences have been granted so far and US$109.8 million remittances have been received through this.
The officials also said that the value of the licences granted so far amounts to $46 million, According to Sri Lanka Customs, some facilitators have been appointed to import electric vehicles on behalf of migrant workers.
They have apparently undervalued the vehicle by registration and deregistration in another country after importing it from the country of manufacture and thereby evade the luxury tax when the vehicle is imported to
Sri Lanka.
The Business Times exclusively reported on June 11, 2023 quoting, several leading motor traders as stating that vehicles import scheme for migrant workers has turned into a racket by some unscrupulous vehicle importers in hand in glove with corrupt officials.
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