The government has issued an extraordinary gazette notification on Monday (27,) under the Import and Export Control Act, introducing revised regulations for vehicle imports.
These regulations apply to importers and commercial banks involved in vehicle import transactions and take effect immediately, the gazette said.
Key provisions in the gazette include guidelines for the re-importation of vehicles and specific criteria for importers, gazette said.
According to the notification, the Director of Sri Lanka Customs is authorized to release vehicles for which letters of credit were issued under the Imports and Exports’ regulations between December 18, 2024, and January 27, 2025.
Additionally, vehicle imports will be permitted between December 18, 2024, and July 31, 2025, under the updated guidelines, the gazette said.
Imported vehicles must be registered with the Department of Motor Vehicles in the buyer’s name within 90 days of purchase, the gazette said.
Importers and buyers are required to submit supporting documents, including their Taxpayer Identification Number (TIN), for vehicle registration, the gazette said.
Individuals who are not registered as vehicle importers with the Department of Motor Vehicles are allowed to import only one vehicle per year, the gazette said.
Registered vehicle importers who exceed 25 percent of their approved quota within a six-month period, up to December 2025, will face a three-year ban on vehicle imports, the gazette said.
Vehicles imported in violation of the new regulations must be re-exported by the importer within 90 days at their own expense, gazette said.
The updated regulations partially ease import restrictions, allowing limited vehicle imports while maintaining strict controls over quantities and compliance.
These measures aim to regulate the vehicle import process more effectively while addressing economic and administrative concerns.
Sri Lanka limited the import of vehicles from 2020 due to foreign currency shortages. (RK)
