An extraordinary gazette notification issued on 27 January introduces revised vehicle import regulations under the Import and Export Control Act, effective immediately.

Signed by President Anura Kumara Dissanayake as the Minister of Finance and Economic Development, the regulations provide specific guidelines for vehicle importers and commercial banks involved in vehicle import transactions.

Key Provisions:

• Customs Clearance: Vehicles with letters of credit issued between 18 December 2024 and 27 January 2025 can now be cleared by Sri Lanka Customs.
• Import Window: Vehicle imports are permitted under updated guidelines between 18 December 2024 and 31 July 2025.

New Regulations for Vehicle Importers:

1. Registration Requirements: Imported vehicles must be registered with the Department of Motor Vehicles in the buyer’s name within 90 days of purchase. Taxpayer Identification Numbers (TINs) and other documents are required for registration.
2. Import Limits for Individuals: Non-registered individuals may import only one vehicle per year.
3. Penalties for Over-Importation: Registered importers exceeding 25% of their approved quota within a six-month period up to December 2025 will face a three-year ban on vehicle imports.
4. Re-Export Requirement: Vehicles imported in violation of these regulations must be re-exported by the importer within 90 days at their own expense.