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Finance Ministry issues New Circular of Vehicle imports

A Circular for importing vehicles in terms of Trade and Investment policy for senior level executive grade administrative positions, management positions and professionals in Government Services, State Corporations and Statutory institutions had been issued by the Finance Ministry.

The circular had been issued following amendments made to the relevant policy in accordance with decisions reached at the May 2 Cabinet meeting.

The Trade Agreement Policy Circular No.01/2016 dated July 14, 2016 governs the import of vehicles for senior level executives grade administrative positions in sate sector, the Ministry said. If the vehicles cost, insurance premium and freight (CIF) value exceeds above US$25,000 whether it is imported or purchased locally, should not be transferred to any other party before the completion of five year time period from the date of registration.

The circular dated retrospectively, affects vehicles imported since June 10.

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