Fin. Ministry to introduce new HS codes for 142 import, export goods

By Chaturanga Pradeep Samarawickrama

State Minister of Finance Ranjith Siyambalapitiya said yesterday that a gazette notification will be issued introducing new HS codes for 142 varieties of goods on January 1.  

The state minister said this will be done with the aim of facilitating and streamlining imports and exports.  He said that the gazette notification will be issued soon, and it will be effective January 1.  

Every country is issued a list of newly introduced goods by the World Trade Organization once every five years, and at the same time, the new customs codes will be given to the importers and exporters to identify them precisely.   Although the codes should have been given last year, they were delayed due to the economic problems and chaotic situation in the country.  

Currently, there are more than 8,000 types of goods that have been introduced, and by introducing new codes for 142 types of goods, it is hoped that it will not introduce new taxes but facilitate trade in the country, the minister said.  

According to this, importers and exporters will be able to work transparently, and the chance of mistakes will be reduced because they will know the exact amount of tax to be paid for the relevant product, the Finance Minister said.