The Sri Lanka Customs has streamlined the vehicle valuation system in collaboration with the Vehicle Importers Association of Lanka (VIAL) for the benefit of hundreds of vehicle importers and buyers in the country, officials said. The on line valuation system will simplify vehicle valuing, taxing and clearing process and prevent undervaluation of imported vehicles and [...]

The Sundaytimes Sri Lanka

Customs streamlines vehicle valuation system

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The Sri Lanka Customs has streamlined the vehicle valuation system in collaboration with the Vehicle Importers Association of Lanka (VIAL) for the benefit of hundreds of vehicle importers and buyers in the country, officials said.

The on line valuation system will simplify vehicle valuing, taxing and clearing process and prevent undervaluation of imported vehicles and other mal practices, they added.

Director General of Sri Lanka Customs Jagath Wijeweera told a media conference in Colombo this week that the new system will be implemented maintaining full transparency as the tax rates are now posted on the web (Internet).

This was the first media conference held at the Customs headquarters jointly by top officials and representatives of importers.
There will be no more malpractices in the vehicle trade in the country as everyone will know the vehicle prices and everyone will get an equal chance, he added.

Sampath Merenchige, President, VIAL told the Business Times that they have prepared a schedule indicating the value of 117 Japanese models and the other models will be added to the schedule later.

He noted that now any buyer will get an opportunity know how much Customs duty he will have to pay for the vehicle before clearing it, and the Customs will get tax payments in a stable manner.

This new system has been introduced under the Sri Lanka Customs’ e-Customs initiative which is aimed at automating the entire system, Mr. Wijeweera said.

The new streamlined duty levying system was a result of discussions held between the Customs and the VIAL, he added.

Mr. Wijeweera said that he wanted to clear the Customs from public criticism and allegations of malpractices and that is why he has decided to work out the new system in collaboration with vehicle importers amicably agreeing to the valuation procedure.”Under the previous complicated system, valuations were to be made according to various ‘options’ in imported vehicles. We don’t consider such ‘options’ now in valuation,” he said.




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