Payments for goods & services

1. Payments for import of goods and services

1.1 Payments for import of goods

  1. Payments for imported goods are freely permitted, subject to the trade laws of the Government.
  2. Direct authority of such payments lies with the Controller General of Imports & Exports at the Import & Export Control Department. 
  3. As per regulations related to import of goods issued under the Import & Export (Control) Act, residents may make payments for imports in terms of the following payment terms specified therein, depending on the goods intended to import.

a.      Payments made prior to the date of submission of the Customs Declaration (CUSDEC)

(1)   Cash - in - Advance (Advance Payment)

(2)   Documents against Payment (D/P)‏

(3)   Documents against Acceptance (D/A)‏

(4)   Letter of Credit (L/C)‏

b.      Payment made subsequent to the submission of the Customs Declaration (CUSDEC)

(1)   Consignment Account Basis

(2)   Open Account Terms

1.2 Payment for import of services

  1. Payments for services obtained from non-residents are freely permitted. Further, payments for services are not subject to the Import License & Payment terms regulations.
  2. However, the importers are subject to other laws relating to imports in Sri Lanka. Ex: Tax laws