ANNOUNCEMENT 07 Nov 2016
Sri Lanka through an Extraordinary Gazette amended the determination of cost of freight for customs valuation purposes when goods are imported by the importer in his own vessel.
NUMBER OF INTERVENTIONS
Extraordinary Gazette No. 1992/28-2016
As per the earlier gazette notification No. 1756-29 (May 2012) the cost of transport for customs valuation purpose was taken as 15% of the Free On Board (FOB) value of the goods when these goods are imported in the importer's own vessel. The rule has been amended to include both importers who import own goods by owned vessels or importers who import single goods using a chartered vessel. Further, the cost of freight will now be determined as 15% of the Free On Board value of the goods or the applied cost of freight, if this applied freight is less than 15% of the FOB value.