Sri Lankan government sets up regulations to allow business to consumer sales to online buyers overseas
The Finance Ministry of Sri Lanka has reportedly said that a regulatory framework has been set up to facilitate allow companies to do business-to-consumer (B2C) sales to online buyers overseas up to the value of US$ 3,000 each.
The Finance Ministry issuing a statement to the media has stated that companies or exporters in Sri Lanka can now send goods without submitting CUSDEC or Customs declaration application to the Sri Lanka Customs.
However, at the end of each month, exporters have to submit one CUSDEC application to Sri Lanka Customs covering all transactions, reports state.
The Finance Ministry has stated that the plan was announced in the 2018 budget by Finance Minister Mangala Samaraweera enabling Sri Lankan companies to initiate B2C direct e-commerce transactions with overseas customers.
According to the Finance Ministry, Sri Lankan customers till now had enjoyed this B2C e-commerce facility only one way, via E-bay and other trading platforms, but not vice versa.
OSL take:
In line with the Sri Lankan government’s policy of promoting e-commerce in the country, the latest move by the country’s Finance Ministry would help in the transformation of the country into an e-economy. It would also result in the improvement of the ease of doing business environment in Sri Lanka. All these measures would give a boost to the flow of foreign investments into the country. Interested foreign businesses could therefore look at business opportunities in Sri Lanka.
| Article Code : | VBS/AT/20181025/Z_3 |