Revised policy framework for customs bonded warehouses

Wednesday, 6 March 2024 00:24 - - {{hitsCtrl.values.hits}}

Recognising the need to adapt to evolving warehousing technologies and enhance competitiveness in the supply chain process the Cabinet of Ministers approved enhancing the policy framework governing Customs Bonded Warehouses.

The approved proposal empowers the ‘Revised and Updated Policy Framework for Appointing Common Bonded Warehouses’ laid down under section 69 of the Customs Ordinance.

A Customs Bonded Warehouse serves as a crucial storage facility, ensuring the safety and quality of imported goods before the payment of applicable taxes and their transportation. Governed by section 69 of the Customs Ordinance (Chapter 235), the Finance Minister, upon the recommendation of the Director-General of Customs, has the authority to appoint such warehouses.

In response to changing industry dynamics and technological advancements in warehousing, it has been acknowledged that the mandatory minimum space requirements for common customs bonded warehouses need to be revised.

The proposal put forth by President Ranil Wickremesinghe, in his capacity as the Finance, Economic Stabilisation and National Policies was approved by the Cabinet of Ministers at its meeting held on Monday.