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
Kandy driving school hits 100,000-driver milestone, sets sights on expansion
Dhasuni Learners in Kandy have trained over 100,000 drivers, marking a major milestone in the institution’s journey from a modest start-up to one of the region’s leading driver education providers.
Founded on March 31, 2008, in the historic hill capital, the institution began with just a single van, one three-wheeler and one motorcycle. Built on what its founder describes as a commitment to road safety and public service, the driving school has since expanded into a multi-branch operation with six centres across the Kandy district.
Today, Dhasuni Learners has emerged as a significant player in Sri Lanka’s driver training sector, producing thousands of licensed motorists annually while also contributing to local employment generation. The organisation’s broader mission, according to its management, has been to foster disciplined and road-conscious drivers who adhere to traffic regulations.
Over the years, the institution has received multiple accolades for its service standards and entrepreneurial achievement. These include the ‘Best Young Entrepreneur Award’ and ‘Seva Taru Tuthe Award’ in 2018, followed by One-Star and Two-Star service ratings from the Ministry of Industries in 2019 and 2020. It has also secured top rankings from the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) at national and provincial levels.
More recent recognitions include the ‘Best Driving School Award’ in 2023 and the ‘Pitkal Award’ for business excellence, along with a 2025 honour from the Trade Front in collaboration with the Ministry of Industry.
by SK Samaranayake
Business
HNB Life Introduces “Privileged Protect”, a Future-Ready Protection Solution for a New Generation
Marking a significant milestone in its journey as it celebrates 25 years of trust and transformation, HNB Life has introduced Privileged Protect, a novel universal life insurance solution designed to meet the evolving financial and protection needs of modern Sri Lankans.
Developed as an evolved protection offering, Privileged Protect combines short-term premium commitments with long-term financial security, giving customers the flexibility to build wealth while safeguarding their future and loved ones.
Designed for individuals seeking comprehensive life protection with greater financial convenience, the product offers a shorter premium paying term while ensuring continued long-term coverage and investment growth opportunities. The policy also includes six compulsory protection benefits, dividend and loyalty dividend entitlements, partial withdrawal facilities after five years, and the ability to convert the maturity value into a monthly income stream. Customers are also provided the flexibility to continue optional riders beyond the premium paying term and enhance their investment through top-up premiums.
Commenting on the launch, Lasitha Wimalaratne, Executive Director / Chief Executive Officer of HNB Life, stated, “As we embark on a bold new chapter as HNB Life, the introduction of Privileged Protect reflects our commitment to continuously evolve alongside the changing aspirations of our customers. Today’s customer seeks greater flexibility, stronger protection, and smarter financial planning solutions that align with their lifestyle and long-term goals. This product has been thoughtfully designed to address those expectations while delivering the security and confidence our policyholders value. As we celebrate 25 years of excellence, we remain focused on shaping the future of insurance through innovative solutions that are relevant, accessible, and future-ready.”
Also sharing his thoughts, Dinesh Udawatta, Executive Vice President / Chief Technical Officer stated, “The modern customer is increasingly looking for insurance solutions that go beyond traditional protection. Privileged Protect is an evolved offering built around convenience, flexibility, and long-term value creation. It is designed for individuals who want to secure their future with shorter payment commitments while continuing to enjoy meaningful protection and wealth accumulation benefits. As HNB Life, we are committed to introducing customer-centric innovations that empower Sri Lankans to confidently plan for the future.”
With the launch of Privileged Protect, HNB Life continues to strengthen its portfolio of future-focused insurance solutions, reinforcing its commitment to protecting lives while empowering customers to achieve long-term financial wellbeing in an ever-evolving world. HNB Life PLC is licensed by the IRCSL and all policyholders are advised to read the policy document before concluding a sale to understand benefits, exclusions, terms and conditions.
Business
Sri Lanka’s Nazri Nizar elected to YPO global board in historic first
For the first time in the 76-year history of the Young Presidents’ Organisation (YPO), a Sri Lankan has been elected to its global board, with business leader Nazri Nizar securing a position on the governing body of one of the world’s most influential leadership organisations.
The appointment was confirmed at the YPO Annual General Meeting held on 21 May 2026. Nizar will serve as a YPO global board director from 2026 to 2029 and will concurrently serve as chair of the YPO Global Forum Committee.
Founded in 1950, YPO is a global leadership community comprising more than 38,000 chief executives, entrepreneurs and business leaders across 150 countries. Collectively, its members lead organisations generating approximately US$9 trillion in annual revenue, placing YPO among the most influential peer leadership networks in the world.
Unlike traditional business associations, YPO is built around the philosophy that leadership is a lifelong pursuit. Through a combination of executive education, peer learning and confidential leadership forums, the organisation provides a platform for business leaders to learn from one another’s experiences and navigate the personal and professional challenges that accompany leadership. At a time when organisations are navigating unprecedented technological, economic and social change, platforms such as YPO continue to underscore the importance of learning, collaboration and leadership across borders.
Nizar’s election follows years of service within the organisation. He has previously served as chapter chair of the YPO Colombo Integrated Chapter, been a member of the YPO South Asia Regional Board and, most recently, served on the YPO Global Forum Committee. In addition to his responsibilities as a global board director, Nizar will lead the Global Forum Committee, which oversees one of YPO’s most valued and enduring member experiences.
Commenting on the appointment, Nizar said YPO had played a defining role in shaping his leadership journey.
“YPO taught me that leadership is not about having all the answers. It is about continuous learning, trusted relationships and the willingness to grow through the experiences of others,” he said.
Describing the appointment as both humbling and inspiring, Nizar said he hoped the milestone would encourage more Sri Lankan leaders to engage with global platforms, contribute to international conversations and share their experiences with peers around the world.
Nizar currently serves as group managing director of Richardson Holdings, a diversified Sri Lankan enterprise with interests spanning engineering, infrastructure, renewable energy, manufacturing and out-of-home advertising.
His election represents a notable achievement for Sri Lankan business leadership and reflects the increasing contribution of Sri Lankan executives within international leadership networks.
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