Sri Lanka: Possible 25% Increase in Vehicle Import Duties Reported

The Morning newspaper reported that the Sri Lankan government is considering a 25% increase in the Customs Import Duty (CID) on vehicles. This duty would be added to existing tariffs, significantly raising import costs. The news comes after a period of volatility in letters of credit for vehicles. No official regulation has been published yet.

Sri Lanka has implemented import restrictions to preserve foreign exchange reserves. In 2022, it temporarily banned vehicle imports. A CID increase would be part of a broader fiscal policy. deaduanas.com notes that this information comes from a journalistic source (reliability level 3) and has not been officially confirmed.