Over 44,000 vehicles have been released to the local market despite the existing ban on vehicle imports, State Minister of Finance Ranjith Siyambalapitiya revealed. 

The State Minister said that among the 44,430 vehicles that were released, 38,144 are motorcycles and 6,286 are cars.

He further said that the vehicles had been released to the local market during the period when import restrictions were imposed in Sri Lanka. 

The State Minister of Finance disclosed the information during a discussion held with a group of local vehicle manufacturers at the Ministry of Finance recently.

During the meeting, an in-depth discussion had also been held on granting permission for vehicle imports. 

Representatives of domestic vehicle manufacturing companies pointed out that while removing import restrictions, the government should also focus on the local vehicle assembly businesses. (Newswire)

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The ban imposed on vehicle imports was not taken up for discussion at the meeting of the Cabinet of Ministers, State Minister of Finance Shehan Semasinghe said. 

He revealed this while speaking to reporters after attending a meeting of the Cabinet of Ministers at the Presidential Secretariat last evening (Jan 08). 

“Under the current circumstances, we cannot assure that tax revenue will increase and that the import ban on vehicles can be lifted,” he said. 

State Minister Semasinghe further said receiving more foreign exchange, an increase in foreign exchange, and the long-term stabilization of the economy all have to be taken into consideration.

Pointing out that, therefore, quick decisions cannot be taken concerning this matter, he said Sri Lanka is currently benefiting from the various difficult decisions that have been taken thus far. 

The State Minister also reminded that the vehicle import ban is currently in effect only for vehicles of personal use and not other sectors.

His comments come amidst recent media reports claiming that the government was considering lifting the import ban on vehicles. However, the Finance Ministry has denied the reports. (NewsWire)

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The government has decided to lift all import restrictions, except those imposed on vehicles, State Minister of Finance, Ranjith Siyambalapitiya announced today. 

State Minister Siyambalapitiya said that all import restrictions, except those imposed on vehicles, have been lifted with effect from today, October 09, 2023. 

The government imposed a ban on several items as a part of its prolonged stringent import restrictions from March 2020 due to the coronavirus pandemic.

The ban on imports continued due to the economic crisis until November last year after which the government took measures to relax import restrictions on several items in batches.

Despite import restrictions having been eased on several items, the ban imposed on vehicle imports has continued. (NewsWire)

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All restrictions on imports except for private vehicles are expected to be lifted by the end of 2023, Officials representing the Ministry of Finance informed the Committee on Public Finance (COPF).

According to a Parliament statement, the officials disclosed this when the Committee requested a time frame as to how long such restrictions will be in place.

The Ministry officials were questioned on a time frame taking into concern the duopolies such restrictions have caused, especially governing wheat flour and tile.

The discussion pertaining to the matter was held at the Committee on Public Finance in Parliament yesterday (Sep 05), Chaired by MP Harsha de Silva.

Accordingly, the Committee took into consideration the Regulation under the Imports and Exports (Controls) Act, No. 1 of 1969 published in the Gazette Extraordinary 2341 / 38 of 20.07.2023 and was approved by the Committee.

The Order under the Foreign Exchange Act, No. 12 of 2017 was also considered during the meeting and was approved by the Committee. 

Accordingly, the eligible migration allowance for the emigrants who are claiming the migration allowance for the first time was increased from USD 30,000 up to a maximum of USD 50,000 or equivalent in any other designated foreign currency.

The Committee questioned the position of equity for those who migrated the year prior to such an order. The officials present stated that emigrants who have already claimed migration allowance could claim the remainder up to a maximum of USD 20,000. (NewsWire)

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Sri Lanka’s Ministry of Finance has permitted certain heavy vehicles that were imported during the period of import restrictions and seized by the Customs Department to be cleared, State Minister of Finance Ranjith Siyambalapitiya stated. 

State Minister Siyambalapitiya stated that buses utilized for public transportation, and lorries and trucks used for special purposes and goods transportation are among the vehicles permitted for clearance.

The State Minister of Finance further stated that the seized vehicles can be cleared with a payment of a 30% surcharge on the cost, insurance and freight (CIF) Value.

The vehicles for which customs declarations have not been issued can be cleared after reporting to the Controller General of Imports and Exports and paying the surcharge on CIF value, he said. 

The importation of vehicles, including buses utilized for public transportation, and lorries and trucks used for special purposes and goods transportation was permitted from midnight yesterday (Aug 14), with the relevant Gazette being published today. 

State Minister Ranjith Siyambalapitiya stated that lorries and trucks used for the removal of debris and fire engines are among the vehicles permitted to be imported.

He added that buses have been allowed to be imported to strengthen the public transportation system and to develop the tourism sector. (NewsWire)

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A Gazette notification has been issued relaxing restrictions on importing certain vehicles utilized for public transportation.

As per the Gazette, import restrictions have been relaxed for buses, lorries, tankers/ bowsers, and trucks. 

The Gazette notification has been issued by the Ministry of Finance. 

Earlier, commenting on the easing of import restrictions on certain vehicles, State Minister of Finance Ranjith Siyambalapitiya said the imports of other vehicles will be further delayed.

The State Minister of Finance said that financial analysts say the imports of other vehicles will be further delayed considering the current foreign exchange reserves.

He added that the financial analysts also emphasized that the value of the dollar can rise again through the increase in vehicle imports.

The government imposed a ban on several items as a part of its prolonged stringent import restrictions from March 2020 due to the coronavirus pandemic.

The ban on imports continued due to the economic crisis until as recently as November last year after which the government took measures to relax import restrictions on several items in batches. (NewsWire)

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Import restrictions on another 300 items will be relaxed soon, State Minister of Finance Ranjith Siyambalapitiya announced today.

The State Minister stated that the import restrictions will be relaxed by the first week of September.

The Government last lifted import restrictions on 328 items on July 20, 2023, following the relaxing of import restrictions on over 240 items earlier on June 10, 2023.

The government imposed a ban on several items as a part of its prolonged stringent import restrictions from March 2020 due to the coronavirus pandemic.

The ban on imports continued due to the economic crisis until as recently as November last year after which the government took measures to relax import restrictions on several goods in batches. (NewsWire)

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State Minister of Finance Ranjith Siyambalapitiya stated that the import restriction on another 328 items will be lifted at midnight today.

Taking to Twitter, Minister Siyambalapitiya stated that the relevant Gazette notification will be published tonight. 

The Government last relaxed import restrictions on over 240 items on June 10.

The government imposed a ban on several items as a part of its prolonged stringent import restrictions from March 2020 due to the coronavirus pandemic.

The ban on imports continued due to the economic crisis until as recently as November last year after which the government took measures to relax import restrictions on several goods in batches. (NewsWire)

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The government will take measures to ease the import restrictions imposed on 300 more essential items, State Minister of Finance Ranjith Siyambalapitiya announced today.

Taking to Twitter, State Minister Siyambalapitiya said that the import restrictions are expected to be relaxed by next week. 

The government last issued a gazette notification lifting the import ban on over 240 items in June 2023.

The government imposed a ban on several items as a part of its prolonged stringent import restrictions from March 2020 due to the coronavirus pandemic.

The ban on imports continued due to the economic crisis until as recently as November last year after which the government took measures to relax import restrictions on several goods in batches. 

Earlier in 2023, Sri Lanka had also expressed its intention to the European Union (EU) to present a plan by June to lift the import restrictions currently imposed in the country. (NewsWire)

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The government expects to further relax the import restrictions on several goods from next week. 

State Minister of Finance Ranjith Siyambalapitiya stated that the import restrictions on 300 to 400 items will be relaxed from next week.

The government imposed a ban on several items as a part of its prolonged stringent import restrictions from March 2020 due to the coronavirus pandemic.

The ban on imports continued due to the economic crisis until as recently as November last year after which the government took measures to relax import restrictions on several goods in batches. 

It was also reported that Sri Lanka has expressed its intention to present a plan by June to lift the import restrictions currently imposed in the country.

The government has promised the European Union (EU) that it will gradually relax the restrictions, taking into account the current economic conditions. (NewsWire)

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Sri Lanka has expressed its intention to present a plan by June to lift the import restrictions currently imposed in the country, it was reported.

The government has promised the European Union (EU) that it will gradually relax the restrictions, taking into account the current economic conditions.

The message was conveyed during the 25th session of the Sri Lanka – EU Joint Commission that was held virtually on April 25.

Sri Lanka imposed a ban on imports in the latter part of 2020 due to the effects of the coronavirus pandemic and later extended the ban due to the economic crisis.

The EU, which is Sri Lanka’s second-largest trading partner, has since expressed displeasure over the decision and has also repeatedly urged Sri Lanka to steer away from the protectionist trade policies which are deemed unfair to its trading partners.

In March, the International Monetary Fund (IMF) too revealed that Sri Lanka was expected to phase out the import and exchange restrictions currently in place.

IMF Mission Chief Masahiro Nozaki said Sri Lankan authorities will develop a plan for the phased removal of import restrictions and exchange restrictions related to the balance of payments (BOP). 

Masahiro Nozaki revealed that that plan is due by June 2023. (NewsWire)

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The government will take measures in the near future to relax the import ban on several items, State Minister of Finance Ranjith Siyambalapitiya said. 

According to the Finance Ministry, the State Minister stated that the matter will be taken into consideration in order to achieve the targetted Customs income.

State Minister Siyambalapitiya made the remarks to the media yesterday (18) following a discussion with Customs officials on the yearly income target. 

Stating that a target of Rs. 270 billion was set as Customs income for the first three months of 2023, the State Minister said, however, the current income reported is less than 12% of the expected income. 

He pointed out that this was due to the ban imposed on the imports of several items at present. 

“An import ban was imposed on 485 items in 2021 and it was revised to 750 items in 2022. Also, the depreciation of the Sri Lankan Rupee against the US Dollar in March also severely affected the Customs income,” he said.

State Minister Ranjith Siyambalapitiya said, therefore, measures will be taken to consider relaxing the import ban in the future. 

He added that the decision will be taken based on the recommendations of the Central Bank of Sri Lanka. (NewsWire)

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