The Ministry of Finance says that importers must register at least 25% of the total number of vehicles imported within six months.
Failure to comply with this will result in the suspension of the importer’s import permit, according to the Finance Ministry.
This measure has been introduced in order to protect foreign exchange reserves, discourage excessive vehicle imports, and prevent the unnecessary accumulation of motor vehicles.
However, these conditions do not apply to individuals importing vehicles for personal use, as they are allowed to import only one vehicle, the Finance Ministry says.
These regulations were discussed at a recent meeting of the Committee on Public Finance (COPF) regarding vehicle imports.
At the event, Controller General of Imports and Exports, Upulmali Premathilaka, provided further clarification:
“In 2020, vehicle imports were temporarily suspended. A gazette notification was issued to lift this temporary suspension following a decision by the Cabinet and observations made by the Central Bank. Accordingly, the gazette has now been issued, allowing vehicle imports into Sri Lanka under HS Code 8703.”
She further explained that imported vehicles must be registered within 90 days. If not, a fine of 3% of the CIF (Cost, Insurance, and Freight) value will be imposed, up to a maximum of 45%.
“Additionally, if 25% of the imported quantity is not registered within six months, their import permit will be suspended. The permission granted for vehicle imports under these conditions will be revoked,” she said.
