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| Sri Lanka to Gradually Lift Vehicle Import Restrictions Amid Economic Recovery |
Phased Lifting of Import Restrictions
The government has outlined a three-stage process for resuming vehicle imports:1. October 2024: Importing public passenger transport vehicles and special-purpose vehicles began.
2. December 2024: Commercial vehicles such as lorries and tipper trucks will be allowed.
3. February 2025: Import restrictions on private vehicles, including cars, SUVs, and vans, will be lifted.
New Regulations for Importers
To prevent market manipulation and stabilize the foreign exchange reserves, the government has introduced new regulations:Vehicles must be registered within 90 days of importation, with penalties for delays.
Sales with temporary "garage" plates will be prohibited.
If registration is delayed, a tax equivalent to 3% of a vehicle's CIF (Cost, Insurance, and Freight) value will be imposed.
Focus on Sustainable and Electric Vehicles
Environmental sustainability is a key priority. The government plans to promote the importation of electric vehicles while maintaining restrictions on petrol and diesel-powered three-wheelers. This initiative aims to reduce traffic-related accidents and align with the country's environmental goals.Economic Impact and Market Stabilization
The phased lifting of restrictions is expected to stabilize the local vehicle market, which has faced inflated prices due to limited supply. Industry experts believe the move will provide relief to consumers and stimulate economic growth as new vehicles become available at more competitive prices.As Sri Lanka continues its economic recovery, these measures aim to balance market demand, environmental concerns, and fiscal stability.
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