Private sector gets green light to maintain Inland Clearance Depots

News

The Government has given permission for the private sector to maintain Inland Clearance Depots for cargo classified as “Less Than Container Loads” or LCL, the Finance Ministry announced.

Finance Minister Mangala Samaraweera has signed the relevant gazette notification promulgating necessary regulations allowing private firms to maintain such bonded warehouses with retrospective effect from October 1.

Accordingly, the Inland Clearance Depots will handle the import, export and transshipment or LCL Cargo with effect from October 1.

The aim is to facilitate increasing international trade flow and reduce congestions at ports and air ports.

The relevant licenses could be obtained for Sri Lanka Customs with the approval from the Minister of Finance to set up Inland Clearance Depots to handle the import and export and transshipment including the Multi Country Consolidation.

An annual license fee for the maintenance of these depots is Rs. 500,000.

Permission has also been granted to private firms in maintaining LCL Inland Clearance Depots on capital imports of capital goods to manufacture medicinal drugs, dairy industry, and disposal of garbage.

The media release also noted that taxes will not be imposed on capital goods. (Bandula)

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