Duty Free For Overseas Employed

[hakjay]

Can some one let me know if you work overseas ( 2 or 3 years) and also have NRFC account, can they import a vehicle on duty free basis?. I think this should be allowed by way of $$$ sent home.

[Sri-Lak]

I don't think there is any for 2-3 year overseas work.

But you can bring down the vehicle you used overseas under 'blue permit'. This allows import of a vehicle upto 10 years old. You have to pay a percentage commission(on CIF vslue).

You also have the option of 'gift permit' where you can send a vehicle of age upto 5 years to a blood relative. But you have to pay a license fee of 15% of CIF.

In either case it is not a matter of TAX reduction but addition of extra tax.

Only advantage is you can send an older vehicle than is normally allowed.

More details: http://www.videshasewa.com/home/blue_permit.html

[maliths]

Can some one let me know if you work overseas ( 2 or 3 years) and also have NRFC account, can they import a vehicle on duty free basis?. I think this should be allowed by way of $$$ sent home.

As far as I know there is no 'Duty Free' even if you work abroad and send money to SL. The only concession you get it that you can import an older vehicle upto 5 or 10 years old so the depreciation will be more and you will pay less tax.

You can import a vehicle you have owned for atleast 1 year aborad that can be upto 5 years old

or

You can import a vehicle you have owned for a minimum of 3 years aborad that can be upto 10 years old

The only difference is that these vehicles will attract less duty due to higher depreciation but you still pay the normal taxes on these.

All of the above was the way it used to be I am not sure if these regulations have changed recently.

MalithS

[madmax]

There was a special permit about an year ago, where if you deposit an equivalent of $200,000 in a government bond for a certain period you get a duty free permit with a $18,000 cap. I'm not sure whether it was 100% duty free or whether only a concession was given, the final price was close to what the Gov. servants permits were. I have a relative who got down a diesel Montero sport under this scheme. It is a 5year non-transferable permit.

These permit were given when the foreign reserves were running low, not sure if still applicable today.

Edited June 16, 2010 by madmax

[hakjay]

I am in a country where they drive on the wrong side of the road So it won't be worth it to send my car.. Thanks for all the replies.

[SeanD]

I am in a country where they drive on the wrong side of the road So it won't be worth it to send my car.. Thanks for all the replies.

There's a company in SL that converts cars with the steering on the wrong side () to our side, but I'm not sure whether they do this only for vehicles to be rexported. Might be worth looking into if you can still get a saving doing it this way.