Circular for importation of vehicle issued – Finance Ministry
A Circular for importing vehicles in terms of Trade and Investment policy for senior executives in management and administration at State institutions and State cooperatives had been issued by the Finance Ministry today.
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 executives in management and administration at State institutions and State cooperatives, the Ministry said.
However, vehicles with an Insurance and Freight (CIF) value of more than US$25,000 imported or purchased locally, should not be transferred to any other party before the completion of five years from the date of registration.
The circular dated retrospectively, affects vehicles imported since June 10.
Accordingly, the maximum CIF value should not exceed US$ 30,000 or its equivalent in any other currency, as per the exchange rate that prevailed on the date of opening the Letter of Credit (LC).
This regulation is valid up to the importation of a vehicle or purchasing of a locally-assembled vehicle.
Vehicle Duty Waivers that were granted from November 20, 2015 until May 31, 2017 and vehicles that had received clearance from the Customs on or before May 31, 2017 cannot be transferred to a third party before the lapse of five years, except under the criteria mentioned in the circular.