An extraordinary gazette notification under the Import and Export Control Act was issued yesterday (27), introducing revised regulations for vehicle imports for importers and commercial banks involved in vehicle import transactions.
The regulations, signed by President Anura Kumara Dissanayake in his capacity as the Minister of Finance and Economic Development, take effect immediately.
Key highlights of the gazette include provisions for the re-importation of vehicles and specific criteria for importers.
The Director of Sri Lanka Customs is now authorized to release vehicles for which letters of credit were issued under the Controller of Imports and Exports’ regulations between December 18, 2024, and January 27, 2025.
Additionally, vehicle imports are permitted between December 18, 2024, and July 31, 2025, under the updated guidelines.
New Regulations for Vehicle Importers
Registration Requirements: Imported vehicles must be registered with the Department of Motor Vehicles in the buyer’s name within 90 days of purchase. Importers and buyers must also submit supporting documents, including their Taxpayer Identification Number (TIN), for vehicle registration.
Import Limits for Individuals: Individuals who are not registered as vehicle importers with the Department of Motor Vehicles are allowed to import only one vehicle per year.
Penalties for Over-Importation: Registered vehicle importers exceeding 25% of their approved quota within a six-month period, up to December 2025, will face a three-year import ban.
Re-Export Requirement: Any vehicles imported in violation of the new regulations must be re-exported by the importer within 90 days at their own expense.
The updated regulations partially ease import restrictions, allowing limited vehicle imports while maintaining strict control over quantities and compliance.
Gazette Extraordinary on Vehicle Imports by Adaderana Online on Scribd
