Cabinet greenlights proposal for tariff-free import of electric vehicles


The Cupboard of Ministers has granted approval to import new rechargeable electrical automobiles topic to exemption of Customs tariff, to an quantity not exceeding the worth of USD 30,000 together with insurance coverage and transport prices, for sure funding tasks underneath BOI programmes.

The federal government mentioned it has been determined to import new rechargeable electrical automobiles with out the related customs tariffs, in a bid to draw investments.

The proposal, furnished by President Ranil Wickremesinghe in his capability because the Minister of Finance, Financial Stabilisation and Nationwide Insurance policies, was authorized by the Cupboard of Ministers at their assembly held on Monday (11 Sep.).

Accordingly, the Cupboard authorized the import of electrical automobiles topic to an exemption of customized tariffs to an quantity not exceeding USD 30,000.

Insurance coverage and transport prices associated to tasks that fulfill the required standards will even be included within the mentioned exemption, which was authorized in a bid to draw numerous investments underneath the programmes “Retaining and lengthening traders for re – funding of current board of funding authorized firms” and “The 100 service firms programme which can be board of funding’s info know-how / and firms empowered by info know-how”.

In the meantime, the Cupboard authorized a second proposal associated to the matter, additionally proposed by the Head of State, pertaining to the native meeting of electrical automobiles.

As such, it was authorized to impose a zero (0%) customs tariff on the CIF worth when importing electrical automobiles, electrical two – wheelers with an influence grade as much as 500 kW and trendy partially assembled Semi – Knocked – Down (SKD) units with an engine capability as much as 3000 CC for assembling plug – in hybrid electrical automobiles for the traders that have interaction them for electrical automobiles and plug – in hybrid electrical automobiles for a minimal funding of USD 50 million by firms already authorized by the Sri Lanka Board of Funding (BOI) or new firms getting into into agreements.

The related proposal was authorized by the Cupboard aiming to encourage the manufacturing of electrical automobiles domestically.

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