Dec 31, 2016

Sri Lanka’s new customs law to enhance cross border trade

The proposed new customs law and the change in the current customs ordinance is focusing on areas such as how the new law will cover online payments and e-document submissions, how it will boost international trade, what changes will be imposed on investigations and penalties and also discuss whether the new law is aligned with modern world business.

Government has taken a policy decision to enact a new Customs Act in place of the existing customs ordinance of No 17 of 1869 as amended to suit the present day requirements in international trade activities and there by this new Law will be presented to the Parliament.

The Cabinet Committee on Economic Management (CCEM) chaired by Prime Minister Ranil Wickremesinghe has granted approval for this enactment of the proposed new Customs Act through the decision No. 25/05/2016/05.

Accordingly this new Customs Act shall come into force on such date determined by the Minister and announced by a notification in the Government Gazette.

Sri Lanka is a transshipment hub, and we should facilitate transshipment and multi country consolidation. 75% of the cargo handled in Colombo is transshipment cargo.

There is huge investment that is coming up in terms of terminal, development, so we the authorities need to facilitate the cargo movement and the multi country and the hubbing concept for the cargo in Sri Lanka.

Even through the electronic manifestation has been done, there are certain issues, because the shipping agents are being malifaced, the traders are being malifaced, several shippers said adding that the system seems to be having a problem in accommodating all at the same time. Once the forwarders submit a maliface the shipping agents cannot submit a maliface he added.

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.

Top