close
Share with your friends

Sri Lanka: Customs proposals in 2019 budget

Sri Lanka: Customs proposals in 2019 budget

The budget proposals for 2019, as presented in Parliament in March 2019, include trade and customs measures.

1000

Related content

As proposed, the Department of Customs is to launch an Authorized Economic Operators (AEO) program to provide expedited clearance from identified "low risk" traders and clearing agents.

Concerning import-export duties and levies, the budget proposes the following changes relating to the "port and airport development levy" with respect to:

  • Imports of machinery used in lapidaries would not be subject to the levy, and the rate of the port and airport development levy would be reduced from 7.5% to 2.5% on uncut gems.
  • Sales of excursion vessels and yachts manufactured by certain companies for charter services would not be subject to the levy.
  • Imports of alfalfa meal and pellets for the livestock industry would not be subject to the levy.
  • Goods imported for project construction or implementation would be exempt when the investment is over U.S. $50 million.
  • The rate of the levy would be reduced from 7.5% to 2.5% for certain high tech plant and machinery and equipment.


Read a March 2019 report [PDF 3 MB] prepared by the KPMG member firm in Sri Lanka

© 2019 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG International Cooperative (“KPMG International”) is a Swiss entity.

Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

Request for proposal