Sri Lanka, May 17 -- Deputy Minister of Finance and Planning, Dr. Anil Jayantha yesterday announced a temporary policy decision which will affect vehicle imports for the next three-months, saving several billion US dollars to stabilise the country's foreign reserves.

The Ministry of Finance, Planning and Economic Development imposed a surcharge of 50 percent on the existing Customs Duty applicable for imports of vehicles for personal use of all powertrain types from yesterday (16).

The surcharge, which is 50 percent of the existing Customs Import Duty (CID) of 30 percent, is effective for three months and will not affect the Letters of Credit (LC) which, were opened on or before May 15, the Deputy Minister said. Motorcycles, three-wheel...