New Vehicle Registration Rules Imposed by Sri Lanka's Finance Ministry

The Ministry of Finance has announced new regulations for vehicles imported to Sri Lanka following the lifting of the vehicle import ban. According to the Ministry, all imported vehicles must be registered within 90 days of arrival. Failure to do so will result in a fine of 3% of the vehicle's value, with a maximum penalty of 45%.

This announcement was made during a Committee on Public Finance meeting in Parliament, chaired by MP Harsha de Silva. Officials from the Ministry of Finance also stated that if more than 25% of the vehicles imported by a specific importer remain unregistered within six months, their importation privileges will be suspended.

The new rules are part of the government's efforts to manage vehicle imports under controlled conditions, aimed at reviving normal economic activities and safeguarding the country's economic stability. These measures are designed to protect foreign exchange reserves, discourage excessive vehicle imports, and avoid the accumulation of unnecessary vehicle stocks.

In addition to the registration rules, the Ministry clarified that individuals wishing to import vehicles for personal use are limited to a single vehicle, while traders do not face such restrictions. The Committee also discussed requests for policy support to safeguard Sri Lanka's domestic electric vehicle industry.