Duty free vehicle regulations amended

7 June 2017 10:58 am - 9 - {{hitsCtrl.values.hits}}

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Vehicles which had the Cost, Insurance and Freight (CIF) value of more than US $ 25,000 imported or purchased locally, should not be transferred to any other party before the completion of five years from the date of registration, a circular issued by the Finance Ministry said.

While issuing the amended of the Trade Agreement Policy Circular No. 01/2016 dated on July 14, 2016 the Finance Ministry yesterday said the Trade Agreement Policy governs the import of vehicles for senior executives in management and administration at State institutions and State co-operatives.

The circular said the amendments had been made in accordance with the decisions reached during the Cabinet meeting held on May 2.

The circular dated retrospectively dated June 01 and affects vehicles imported since that date.

Accordingly, the maximum CIF value should not exceed US $ 30,000 or equivalent in any other currency as per the exchange rate that prevailed on the date of opening the Letter of Credit (LC).

This regulation is valid up to importation of a vehicle or purchasing of a locally assembled vehicle.

Vehicle Duty Waivers that were granted from November 20, 2015 until May 31, 2017 and vehicles that had received clearance from the Customs on or before May 31, 2017 cannot be transferred to a third party before being used for five years, except under the criteria mentioned in the circular. (Chaturanga Pradeep)

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Comments - 9

Ajith Wednesday, 07 June 2017 01:17 PM

Good one. Moving towards right direction by tax payers.

usaguy Wednesday, 07 June 2017 02:03 PM

ha ha ha the horses have already left the Sable. anyway better late than never. now your GMOA will open their fat mouths to protest. lets see if govt has a backbone. via DM Android App

Justica USA. Wednesday, 07 June 2017 05:25 PM

us it OK to sell the permits issued to parliamentarians n public officials do away with the vehicle permit system. Why are public officials n parliamentarians different to a private citizen if the country Parliamentarians are private citizens who were sent to parliament by the masses to represent them...some of whom are unqualified thugs...UF a private citizen has to pay taxes n customs duties the parliamentarians n officials including Doctors of the GMIOA must pay the same custom duties. . via DM Android App

Gobbaya Wednesday, 07 June 2017 06:07 PM

Laws are applicable to the people. Parliamentarians are above the law.

Niro Wednesday, 07 June 2017 07:03 PM

Any laws implemented prohibiting selling of Olympic medals after 5 years ?

kumaran Wednesday, 07 June 2017 07:11 PM

No duty free item, car or toothpaste should be allowed through the CUSTOMS. Thats it. How did this nation exist prior to 1986, hen JRJ allowed this in order to extend his term?! This is not the case anywhere in the world. Its wrong and should be ended even NOW. No one should be allowed, no item allowed to be imported without duty. Why do you think we have got so badly into debt, to China, India and even to our children? Be cause we allow all these foolish rules to be the reason for corruption at every level.

Godaya Wednesday, 07 June 2017 11:26 PM

Open papers is common practice.This won't stop selling.

ATP Thursday, 08 June 2017 09:28 AM

CIF USD.30000 is too high, should be CIF USD.20000 for total eradication of corruption

Lakshman De Silva Thursday, 08 June 2017 11:40 AM

Oh, These car sellers will find a way. They will sell the car on open papers valid after 5 years

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Duty free vehicle regulations amended

Comments - 9

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