May 24, 2018 (LBO) – Sri Lanka’s cabinet of Ministers have approved the establishment of bonded warehouses for pharmaceuticals, dairy products, solid waste management and renewable energy with intent to expand investment.
The proposal, outlined in Budget 2018 was put forward by Finance Minister Mangala Samaraweera.
“Under the Budget proposal, it was proposed to give tax relief for capital investment imports made by these industries with so that they may expand their investment,” the cabinet office said in a statement.
“And the bonded warehouses will reduce time lapses in getting customs release for the necessary materials.”
A bonded warehouse is a customs-controlled warehouse for the retention of imported goods until the duty owed is paid.