By Rathindra Kuruwita
The Cabinet of ministers had approved a proposal by the President to remove all tariffs on electric vehicles for companies that had signed or would enter into agreements with the BOI to invest at least 50 million US dollars on assembling electric vehicles and plug – in hybrid electric vehicles, cabinet spokesman Bandula Gunawardena told reporters on Tuesday.
Gunawardena said many Asian countries had encouraged assembling and manufacturing of electric vehicles and plug – in hybrid vehicles by removing all tariffs on such companies.
The Cabinet spokesman said above mentioned companies would not be charged a CIF when importing electric vehicles, electric two – wheelers with a power grade up to 500 kW and modern partially assembled Semi – Knocked – Down / SKD sets with an engine capacity up to 3000 CC for assembling.
The Cabinet of Ministers had also approved a proposal by the President to allow companies to import new rechargeable electric vehicles not exceeding 30,000 dollars if they fall under “Retaining and extending investors for re – investment of existing board of investment approved companies” and “The 100 service companies programme that are board of investment’s information technology / and companies empowered by information technology” programmes, the minister said.
Companies that were eligible for the programme for retaining and extending investors for reinvestment of existing board of investment approved companies were those who had registered under section 17 of Sri Lanka Investment Board Act and had been in operation within a period of less than 5 years. These institutions must have also invested at least three million dollars and have created at least 50 jobs, Minister Gunawardena said, adding that the companies which fell under the 100 service companies’ programme must have created at least 50 jobs and at least 15 of those jobs should be technical in nature. Those institutions must have also invested at least 250,000 dollars, he said.
