The government has announced its intention to retain import restrictions on approximately 600 Harmonized System (H.S.) codes while considering the exemption of nearly 270 others. The announcement was made by the Minister during a series of seminars aimed at informing the public about the government’s new tax policy, the IMF program and the state revenue and economic stabilization program.
The fifth phase of this island-wide awareness program took place in Anuradhapura, where Minister of State Shehan Semasinghe emphasized the government’s progress in bolstering its reserves to support necessary imports. He stated, “We believe that maintaining import restrictions on nearly 600 HS codes is currently necessary.”
The Minister further explained the government’s strategy, noting that they have the capacity to lift import restrictions on almost 270 HS codes, in the coming month. This decision is expected to contribute significantly to price stability in the market.
He highlighted the issue of restricted supply in certain segments of the market, leading to increased prices due to high demand. The government’s plan is to adopt an open market policy and minimize unnecessary interventions, fostering fair trade practices within the business community.