Press briefing of Cabinet Decision taken on 2023-09-11

Permission to import Electric Rechargeable Vehicles on duty free basis to attract investments

- The proposal made by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to grant permission to import one electric rechargeable vehicle, brand new with CIF value not exceeding US$ 30,000 on duty free basis for projects fulfilling the following qualifying criteria in order to attract investments under the "Investor Retention and Expansion Programme for Re-investments of Existing BOI Companies" and 100 "BOI IT/ITES Companies Programme", was approved by the Cabinet.

1. Investor Retention and Expansion Programme for Re-investments of Existing BOI Companies
• The relevant Company should be in operation for not less than 05 years having registered under section 17 of the Board of Investment of Sri Lanka Act.
• Minimum proposed investment for expansion of the business should be US$ 3 Mn.
• Generation of minimum 50 employment opportunities under the expansion programme of the project.

2. 100 BOI IT/ ITES Companies Programme
• An enterprise should generate 50 new local employment opportunities and out of which 15 employees should be technically qualified.
• Minimum Investment should be US$ 250,000.