* Sri Lanka removes restrictions on trading vehicles imported under tax relief
Nov 18, Colombo: The Sri Lankan government has decided to remove the ban on the sale of duty-free vehicles imported by senior public servants to another party.
The restrictions imposed on the resale of vehicles imported under duty concessions were eased as proposed in the 2013 budget.
A spokesman of the Ministry of Finance said that the decision was informed in writing to the Director General of Customs on November 16.
The regulation is valid for the vehicles already imported under tax relief.
Accordingly, the public servants can now sell their vehicles at any time after importation. So far, they could not transfer its ownership to a third party for three years.
However, the vehicle market sources say that the cars imported under tax relief were traded underhand bypassing the restrictions.
Nov 18, Colombo: The Sri Lankan government has decided to remove the ban on the sale of duty-free vehicles imported by senior public servants to another party.The restrictions imposed on the resale of vehicles imported under duty concessions were eased as proposed in the 2013 budget.
A spokesman of the Ministry of Finance said that the decision was informed in writing to the Director General of Customs on November 16.
The regulation is valid for the vehicles already imported under tax relief.
Accordingly, the public servants can now sell their vehicles at any time after importation. So far, they could not transfer its ownership to a third party for three years.
However, the vehicle market sources say that the cars imported under tax relief were traded underhand bypassing the restrictions.
