Except for certain specified imports, no prior licensing is required. Goods subject to licensing include those for security reasons, precious metals, alcohol, newsprint, cement, industrial waste, fertilisers, drugs and pharmaceuticals, aircraft and motor cars, certain consumer goods, several food items including rice, flour and wheat grains, apparatus and equipment used in various products. Imports of certain capital goods are subject to prior approval procedures. No prior approval is required if any single consignment which does not exceed LKR 700 000. Sri Lanka has a single-column customs tariff based on the Harmonised Commodity Description and Coding System.
Most goods are subject to ad valorem duties based on CIF value.
Specific duties are applicable to a few items. The Sri Lankan Government actively seeks foreign investment and offers a wide range of tax and other concessions. Bilateral investment agreements are valid for 10 years and are extended automatically unless terminated by either party. Sri Lanka has bilateral investment protection agreements with the following countries, Belgium, China, Denmark, Egypt, Finland, France, Germany, Indonesia, India, Italy, Japan, Korea, Luxembourg, Malaysia, Netherlands, Norway, Romania, Singapore, Sweden, Switzerland, Thailand, United Kingdom and the United States of America. Documentation Air Waybill Required for aircargo consignments with the number of copies issued based on requirements of the airline.