Vehicle importers urges reforms to ease vehicle import process

Colombo, July 2 (Daily Mirror) - Vehicle Importers Association of Sri Lanka (VIASL) Vice President Arosha Rodrigo today requested the government to introduce necessary policy adjustments to ensure smoother operations in the sector and to support both importers and buyers.

Addressing the media, he said vehicle importers have called on authorities to revise existing policies related to vehicle financing and import procedures, stating that current regulations are affecting both market efficiency and customer access to vehicles.

He pointed out that although a 50% surcharge on vehicle imports has been introduced, shipments continue to arrive based on advance orders placed several months earlier, resulting in ongoing import activity.

The Vice President also highlighted the Central Bank’s restriction limiting leasing facilities to 40% of a vehicle’s value, stating that this has reduced customers’ ability to purchase vehicles. He suggested that an L.C. margin system at the point of import could be considered as an alternative mechanism.

He further said that the sector contributes significantly to government tax revenue, particularly in meeting day-to-day state expenditure, as taxes are paid when vehicles are cleared from ports.