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Sri Lanka to remove another 1000 para-tariffs under trade ...
News Sri Lanka is implementing comprehensive unilateral trade liberalisation including the rationalization of para-tariffs which add costs to business and consumers. Para-tariffs on imports will be phased out over five years, while products related to tourism, manufacturing, and construction will be free of para-tariffs over three years, Finance Minister Mangala Samraweera told a media conference in Colombo on Wednesday. Clarifying certain misinterpretation of his 2019 budget proposals, Minister Samaraweera noted that Sri Lanka will abolish para tariffs in around 1000 items but will help domestic industry to reach international markets. The Treasury is expected to give up Rs. 6 billion in revenue with the removal of para-tariffs, he said adding that 10 per cent of all HS codes, considered to be sensitive items, will not be subject to a complete para-tariff phase-out. “In fact, 1,200 para tariffs have been removed in the last budget and we have committed ourselves to removing all the 3,000 odd para tariffs while gradually phasing it out para to encourage competition and reduce the cost of living,” the Minister pointed out. Budget 2019 proposes to replace the 2.5 per cent existing stamp duty with 3.5 per cent Nation Building Tax (NBT) on overseas payments using credit cards. Minister Samaraweera said that this will not affect local online transactions of companies like Takas.lk, Uber and AliExpress which are not subject to any taxes operating in Sri Lanka. A 200 per cent cash margin at the time of opening of Letters of Credit to import vehicles has been removed with effect from last Friday, he disclosed. The Finance Ministry has increased fuel prices which is far below the price computed by using fuel pricing formula with the aim of providing benefits for people during upcoming Sinhala and Tamil New Year festive season, he said pointing out that according to the fuel pricing formula petrol prices should have been increased to Rs. 137 rupees a litre, but it was raised only to Rs. 132. Diesel prices should have been hiked to Rs. 117 rupees a litre but it was only increased to Rs. 102, he said noting that the government has intervened to reduce the prices. (Bandula) Comments Still No Comments Posted.
Current Tariff Exemptions & Exclusions: What to Know
Current tariff exemptions and exclusions reduce import costs by selectively waiving tariffs on qualifying goods. Exemptions fully remove tariffs, often requiring strict compliance with customs criteria and detailed documentation. Exclusions carve out specific products from broader tariff measures through formal petitions supported by precise classifications. These mechanisms impact domestic industries and trade relations by balancing competitiveness and market fairness. Proper tariff planning and expert collaboration optimize benefits. Additional insights explore eligibility, application processes, and their broader economic implications. Key Takeaways Overview of Tariff Exemptions and Exclusions Key Differences Between Exemptions and Exclusions Definition and Scope Application and Impact Criteria for Applying Tariff Exemptions Eligibility Requirements Overview Documentation Needed Application Process Steps Process for Requesting Tariff Exclusions Common Products Eligible for Tariff Relief Impact of Tariff Exemptions on Domestic Industries Benefits for Local Manufacturers Challenges for Competing Sectors Role of Government Agencies in Managing Tariff Policies How Tariff Exemptions Affect International Trade Relations Recent Updates and Changes in Tariff Exemptions Strategies for Businesses to Maximize Tariff Benefits Frequently Asked Questions How Do Tariff Exemptions Affect Product Pricing for Consumers? Are There Penalties for Incorrect Tariff Exemption Claims? Can Tariff Exemptions Be Applied Retroactively to Past Shipments? How Do Tariff Exemptions Influence Supply Chain Decisions? What Documentation Is Required to Prove Eligibility for Exemptions? Related Articles Key Takeaways Tariff exemptions fully waive duties on qualifying goods, while exclusions selectively remove specific products from tariff coverage. Eligibility for exemptions requires strict compliance with customs criteria, including accurate product classification and documentation. Exclusion requests demand detailed petitions demonstrating product classification, origin, and lack of domestic availability. Exemptions reduce input costs for domestic manufacturers but may impact sectors competing with exempted imports. Effective tariff planning integrates expert consultation, thorough documentation, and strategic supply chain decisions to maximize savings and compliance. Overview of Tariff Exemptions and Exclusions Although tariffs are generally imposed to protect domestic indust...
tariff.lk - Sri Lanka Import Duty Calculator
tariff.lk is a free Sri Lanka import tariff search and duty calculator. Search any product in plain English or enter an HS code to get the full 2026 tariff breakdown - all 7 stacking tax layers (Customs Duty, PAL, CESS, Excise, SCL, SSCL and VAT) plus FTA preferential rates under ISFTA (India), PSFTA (Pakistan), APTA (China, South Korea ...
Pakistan - Sri Lanka Free Trade Agreement (PSFTA) - doc.gov.lk
The WTO's rules on regional trade agreements are specified in Article XXIV of the General Agreement on Tariffs and Trade (GATT) 1994, Ad Art XXIV and its updates, including the 1994 "Understanding", Article V of the General Agreement on Trade in Services and Enabling Clause for developing countries.
