Interim Trade and Customs Based Tax Policy Framework presented to Cabinet

May, 29, 2020

Prime Minister Mahinda Rajapaksha in his capacity as the Finance Minister presented the Interim Trade and Customs based Tax Policy Framework to the cabinet, prepared in accordance with the recommendations of a committee on Interim Trade and Customs based Tax Policies, appointed by President Gotabaya Rajapaksa.

Accordingly, items imported are categorized as follows:

  1. Essential items that can be imported as normal, without limits
  2. Items that can be imported by paying the percentage of taxes levied under the Special Commodity Levy Act
  3. Items imported by the supplier on loan agreements for more than 90 days
  4. Items that Importation is suspended temporary

"Cabinet approval was given to publish the gazette notification presented considering the limitations of foreign exchange in the country under current circumstances with the objective of building a national economy."

"If entrepreneurs have any questions, they should send their issues to the Secretary to the Ministry of Finance but only via email," it was further stated.