HomeNewsForeign remittance: New duty free allowance scheme explained

Foreign remittance: New duty free allowance scheme explained

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The Cabinet has approved the proposal to provide an Additional Duty Concession Allowance for Sri Lankan migrant workers based on the amount remitted through official banking channels.

The allowance will be provided to be utilised upon the arrival of the migrant workers in Sri Lanka airports.

According to the government increasing the remittances made by migrant workers to Sri Lanka is a solution to the foreign exchange crisis in the country.

An officers committee was appointed as per the decision of the Cabinet of Ministers dated 27.06.2022 to study the facts and make recommendations regarding the relief and incentives to be given to them.

The Cabinet has thereby, approved the proposal presented in accordance with the recommendations of the committee, by the Minister of Labour and Foreign Employment Manusha Nanayakkara to provide an Additional Duty Concession Allowance for migrant workers.

Under the existing system, a Duty Concession Allowance of US$ 187 was provided to Sri Lankan migrant workers who returned to the country within a period of 90 days.

Migrant workers returning to Sri Lanka between 90-365 days were provided with an allowance of US$ 625, while those returning after over a year were given an allowance of US$ 1750.

However, following the new Cabinet decision, those who have remitted US$ 2400 within a period of one year via official banking channels will be included in the Silver category.

Among them, those returning within 90 days will be provided with an allowance of US$ 787, those returning within 90-365 days US$ 1252, and those after a period of one year US$ 2350.

For Sri Lankan migrant workers who have remitted US$ 4800 for a period of one year through official banking channels, those below 90 days will be provided with an allowance of US$ 1175, those between 90-365 days US$ 1585, and those over a year US$ 2710.

Migrant workers who have remitted US$ 7200 for a period of one year will be included in the gold category.

Among them, those with less than 90 days will be provided with an allowance of US$ 1627, those between 90-365 days with US$ 2650, and those over a year US$ 3190.

Sri Lankan migrant workers who have remitted US$ 12,000 will fall under the gold plus category.

Among them, those with less than 90 days will be provided with an allowance of US$ 2587, those between 90-365 days with US$ 3025, and those over a year US$ 4150.

For migrant workers who have remitted US$ 24,000 for a period of one year, those with less than 90 days will be provided with an allowance of US$ 4985, those between 90-365 days with US$ 5425, and those over a year US$ 6550. (NewsWire)

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