ENTERING RECOVERY PHASE
The government issued Imports and Exports Control Regulation No 7 of 2020: Relaxation of Import Restrictions.
- On 15 September, the Government of Sri Lanka (GOSL) published amendments to Schedule I & II which published in the Gazette Extraordinary No.2184/21 dated 16 July, 2020.
- The amendments include removal of entries under Schedule I, temporary suspension will be lifted for some categories under the following items;
- Prepared binders for foundry moulds or cores; chemical products and preparation of the chemical or allied industries (including those consisting of mixtures of natural products), not elsewhere specified or included
- Articles for the conveyance or packing of goods, of plastics; stoppers, lids, caps and other closures, of plastics
- Imitation Jewellery
- Motor vehicles for the transport of goods
- Special purpose motor vehicles, other than those principally designed for the transport of persons or goods (for example, breakdown lorries, crane lorries, fire fighting vehicles, concrete-mixer lorries, road sweeper lorries, spraying lorries, mobile workshops, mobile radiological units)
- The amendments also include the removal of entries under Schedule II, including some categories under the following items;
- Synthetic rubber and factice derived from oils, in primary forms or in plates, sheets or strip; mixtures of any product of heading 40.01 with any product of this heading, in primary forms or in plates, sheets or strip.
- Electrical transformers, static converters (for example, rectifiers) and inductors.
- Discs, tapes, solid–state non-volatile storage devices, “smart cards” and other media for the recording of sound or of other phenomena, whether or not recorded, including matrices and masters for the production of discs, but excluding products of Chapter 37.
- Besides, the descriptions of HS Code of 40.00 and 8711.60.10 stipulated in the Schedule I which published in the Gazette Extraordinary No.2184/21 dated 16 July, 2020 have been amended.
- In addition, some of the entries which mentioned in Schedule I have been moved to Schedule II to allow relaxation for importation.
- The Schedule I includes commodities which are not permitted to be imported by using finance terms. The temporary suspension will be in force until further notice. On the other hand, the Schedule II lists down commodities which may be imported on a restricted basis (either under 90 days or 180 days deferred payment terms). The commodity in Schedule I or II will be allowed to be imported under minimum 30 day deferred payment terms if it has at least 35% local value addition, and provided the raw material is not locally available.