Sri Lanka Vehicle Imports Bring Up Govt Revenue after Duty Reduction

16th October 2010, www.island.lk

Government revenue from vehicle imports had hit Rs. 11 billion up to end September this year from Rs. 3.1 billion in the whole of 2009 according to oficial figures.

"The total figure will look very good by year-end,’’ a senior official said.

The surge of imports is attributed to the recent reduction in the duty rates that revived the sluggish motor vehicle import business making vehicles more affordable to buyers and boosting the motor trade.

The leasing business too, which was traditionally dominated by vehicle leases, had also benefited from the dramatic increase in vehicle imports, a senior official said yesterday.

Related Info:
Sri Lanka Luxury Car Sales Up

Sri Lanka Customs Tariff Calculator by HS Code

Download: Sri Lanka_Customs_Tariff_Calculator.xls

Sri Lanka Lifts All Taxes on Gold Imports to Boost Jewelry Industry

14th March 2010, www.news.lk

Central Bank announced that with effect from 1st March 2010, all taxes and other levies applicable on gold imports have been removed.

Sri Lanka has lifted taxes and levies on gold imports to promote jewelry industries in the country. The Central Bank said the removal of all applicable import taxes and other levies on gold imports will reduce the gold prices in the market and contribute to promote gold and jewelry industry in the country.

In a statement, the Bank said that accordingly, commercial banks and other authorized persons can now increase their gold imports to meet the industry requirements. The Central Bank said taxes and other applicable levies on gold imports have been removed from March 01.