Business
Vehicle importers await duty structures and Import Controller’s circular to banks
Following govt’s gazette to resume vehicle imports
By Sanath Nanayakkare
Prasad Manage, the President of the Vehicle Importers’ Association of Sri Lanka (VIASL), yesterday said that the registered vehicle importers are eagerly waiting for the government to issue the four-duty structures applicable to vehicle imports as well as the circular to the banks from the Import Controller, following the extraordinary gazette notification regarding the import of vehicles on Jan. 27, 2025, by President Anura Kumara Dissanayake as the Minister of Finance.
The new gazette allows the importation of 25-seater (or more) buses, 10-to-16-seater passenger transport vans, double cab, and lorries.
Manage said that their industry has received the good news that 4 types of vehicles were opened up for importation, for which the duty structures have yet to be issued by the authorities.
“We hope that circular would be issued soon. We also hope that car imports for personal use will be opened up shortly. This will have a progressive impact on the economy of the country,” he said.
He pointed out that the 5-year ban on vehicle imports has had an adverse impact on direct and indirect jobs of the industry.
“The businesses that put up shutters will revive with this move, and it will increase the money circulation in the country. Also, the government will be able to reach its revenue targets as a result of it. The job losses suffered by clearing agents, lorry drivers, car carrier operators, spare parts sellers, garages etc. will also be revived with the move. It will serve as a stimulant to the economy. “he said.
“Importation of vehicles for personal use has not opened yet. We hope as the President said, a gazette would be issued on Feb. 1, regarding that too. Our wish is to enable the consumers buy a good vehicle at a good price for them. However, to get a correct understanding of what prices they could purchase, depends on the duty structures and other things to be announced yet,” he said.
Responding to questions from the media about how the existing prices on old vehicles will behave in the new circumstances, he said,” I can’t exactly say without having the duty structures. From our experience, I would say that chances are the prices of some old vehicles will come down while some will go up.”
“For example, we might be able to import a [double] cab for Rs. 25-26 million. Accordingly, the prices of old cabs may come down. The price of a 15-seater van could go up because the CIF price and the duty on it has gone up. Our objective is to let the consumers buy good vehicles at reduced prices if we get less taxes. We have requested the government to reduce the tax structure a bit. If that is granted, we can bring vehicles at reduced prices,” he said.
He noted that if car imports are allowed by Feb. 1, they can bring the vehicles to Sri Lanka in three weeks.
He mentioned the fact that banks need to receive a circular from the Import Controller to enforce the new gazette notification and open LCs for the four types of vehicles currently allowed.”.
The new gazette, however, has revised vehicle import regulations under Import and Export Control Act. They included: registration requirements with the TIN number, import limits for individuals, penalties for over-importation and re-export regulations if in violation of new regulations.
Sri Lanka’s Cabinet of Ministers had decided to lift all vehicle import restrictions by February 2025, according to a comment made by the then foreign minister Ali Sabry, on September 12, 2024.
Business
Cabinet approves submission of the Annual Economic Analysis of the Central Bank of Sri Lanka for the year 2024 to the Parliament
The Cabinet of Ministers has approved the proposal forwarded by the President in his office as the Minister of Finance, Planning and Economic Development to submit the Report on the Annual Economic Analysis of the Central Bank of Sri Lanka for the year 2024 to the Parliament.
As per section 80 (3) of the Central Bank of Sri Lanka Act No. 16 of 2023, the Minister in – charge of the subject of Finance shall submit a report on the economic situation which prevailed within the particular financial year, within four months after completion of each financial year. Accordingly, the report in relation to the financial review of the Central Bank of Sri Lanka for the year 2024 has been submitted to the President. The report has envisaged macro economic trends of Sri Lanka, situation of the financial system, as well as the major developments and a review of the policies of Central Bank of Sri Lanka.
[DGI]
Gigalingua Lanka, a premier German language institute, officially launched in Colombo with a ribbon-cutting ceremony attended by distinguished guests, including Dr. Felix Neumann, German ambassador to Sri Lanka. This marks a significant milestone for Sri Lankan professionals, especially nurses, looking to expand their careers in Germany’s thriving healthcare sector.
In collaboration with its strategic partner Global Care Solutions (Pvt) Ltd – a renowned company in the foreign recruitment industry – Gigalingua Lanka offers a unique pathway for Sri Lankan nurses and apprentices to master the German language and pursue rewarding career opportunities in Germany.
Dr. Felix Neumann, the Chief Guest at the event, expressed his support for the initiative, emphasizing the importance of language education as a bridge to global career prospects. In his speech, Dr. Neumann noted, “German language is not only a means of communication, it is a gateway to global career opportunities.” He commended Gigalingua Lanka for providing valuable opportunities for Sri Lankans and addressing the critical demand for skilled workers, especially in the nursing sector in Germany.
Gigalingua Lanka is the first private institute in Sri Lanka to offer comprehensive German language training up to the B2 level, and conduct TELC exam. The institution also provides language training for apprentices, allowing them to undertake the Apprenticeship Program and contribute to the growing labor market in Germany. The collaboration between Gigalingua Lanka and Global Care Solutions is designed to meet Germany’s growing need for skilled workers, particularly in the healthcare sector.
The event was attended by a number of prominent figures, including Dr. Felix Neumann , Arthur Senanayake (chairman of IWS Holdings), Eran Wickramaratne – former MP, Chandra Schaffter – ( Founder of Janashakthi Insurance ), Dhammika Attygalle (Director Upali Group of Companies and President Automobile Association of Ceylon) Former Wing Commander Buwaneka Abeysuriya (Ex- chairman Janatha Estates Development Board).
Chairman of Global Care Solutions, Thomas Michael Kriwat, who is also chairman of the Mercmarine Group of Companies in Germany, highlighted the significance of the new training center. He said, “We are bringing world-class German occupational language training to Colombo, offering a structured, career-focused pathway for Sri Lankan professionals. By introducing TELC (The European Language Certificates) as an officially certified German language test authority, we are increasing accessibility for students seeking internationally recognized qualifications.”
At the thanksgiving speech, Dr. Rajan Sara, Managing Director of Global Care Solutions and Director of Gigalingua Lanka, outlined the critical need for foreign nurses in Germany. “Germany is facing a significant shortage of nurses, estimated to need an additional 150,000 by 2025. This is exacerbated by an aging population and increasing healthcare demands. Over 47,000 vacancies in the healthcare sector remain unfilled, making it an ideal time for Sri Lankan nurses to seize this opportunity,” Dr. Sara explained. (Gigalingua Lanka)
In keeping with its vision to consistently evolve and address accelerated business growth needs, Brown & Company PLC recently unveiled its new state-of-the-art manufacturing and warehouse facility in Katunayake. Strategically located within minutes of the Bandaranaike International Airport and the nation’s rapidly evolving highway network, the space is positioned to significantly enhance Browns’ logistical capabilities. The hub will enable seamless access to key markets across the island, further solidifying the Company’s principal role in a cross-section of industries.
The inaugural event of the Browns Group Industrial Park was attended by Ishara Nanayakkara, Chairman, Brown & Company PLC and Deputy Chairman, LOLC Holdings PLC and Kapila Jayawardene, Group Managing Director/CEO, LOLC Holdings PLC along with key officials from the Browns and LOLC Group.
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