50% Surcharge Not Applicable to Vehicles Under Earlier Credit Agreements

COLOMBO (News 1st); The Ministry of Finance has announced that the 50 percent surcharge imposed on customs import duty will not apply to vehicles for which Letters of Credit (LCs) were opened on or before May 15.

However, the ministry clarified that if any amendments are made to such LCs after May 15, specifically regarding the number of vehicles, vehicle identification number, vehicle details, or technical specifications, the vehicles imported under those revised conditions will be subject to the surcharge.

The 50 percent surcharge on the import of motor vehicles, excluding three-wheelers already subject to customs duties, came into effect from May 16 and will remain in place for a period of three months.