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Boat and vessel imports to be curtailed

03 Nov 2021

 
  • Move expected to encourage local production
  • Plans to introduce licence system for boat imports
  By Imsha Iqbal  The Sri Lankan Government is planning to limit the importation of boats and vessels that cannot be manufactured in the country in order to encourage local manufacturers to venture into new boat and vessel categories, The Morning Business learns.  The limiting of importation would be done through a licensing system, i.e. an individual who requires a boat or a vessel that is not manufactured in Sri Lanka for commercial purposes would have to apply for a licence to import the particular boat or vessel which is subjected to a licence fee.  Speaking on this licensing system and its licence fee, Department of Imports and Exports Control Controller General Damayanthi Karunarathne stated: “The importation of boats or vessels can be carried out following their request for the importation and upon the approval, the importers are expected to pay the licence fee.”   Further elaborating that importations would be for the sole reason of business-oriented necessity, she noted: “For example, if someone is to start a cargo service and is looking forward to importing cargos, this licensing system would provide the approval.” However, she highlighted that although the importation would be granted for commercial purposes, the same would not apply for watercrafts that cannot be manufactured domestically.       With regard to the licence system, the licence is to be issued in the same procedure a regular licence would be issued, and the request for the importation can be applied for online. The website of the Department of Imports and Exports Control carries details in this regard including the gazette notifications that have been published, the Controller General explained.  Responding to an inquiry made by The Morning Business regarding the countries the aforesaid regulation applies to, she said: “This regulation does not include any particular country in terms of importing boats and vessels since such cannot be imposed unless the Government came into such an agreement with any particular country.” Moreover, she pointed out that such a regulation would be impractical from an importer’s perspective in accordance with this licensing system. With regard to the licence fee, Karunarathne noted that it would be a mere 0.1% of the cost, insurance, and freight price (CIF price) of the watercraft that is to be purchased, adding that nonetheless, it can be expected to be profitable to the Government of Sri Lanka since these watercrafts are priced high.  The Cabinet of Ministers approved this proposal made by Minister of Finance Basil Rajapaksa in order to regulate the importation of boats and vessels under the Import and Export (Control) Act No. 1 of 1969 under the obligation of an import control licensing system and a licence fee.

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