ECONOMYNEXT – Sri Lanka has set up a regulatory framework that would allow companies to do business-to-consumer, known as B2C, sales to online buyers overseas up to the value of 3,000 US dollars each, the finance ministry said. .
Companies or exporters in Sri Lanka can now send goods without submitting CUSDEC or Customs declaration application to the Sri Lanka Customs, a statement said.
However, at the end of each month, exporters have to submit one CUSDEC application to Sri Lanka Customs covering all transactions.
The Ministry of Finance said 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.
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, it said.