International

Home » International » Accounts for Nationals »Foreign Currency Account for Gem & Jewellery Exporters (FCAGJ)

FOREIGN CURRENCY ACCOUNTS FOR INTERNATIONAL SERVICES PROVIDERS AND THEIR EMPLOYEES (FCAISPE)



ELIGIBLE SERVICES PROVIDERS

This Account can be opened by the following

  1. Employer

    Any individual resident in Sri Lanka, any resident company or partnership registered in Sri Lanka, rendering services while based in Sri Lanka to any person resident outside Sri Lanka, in the course of carrying on any profession or occupation. (Professional Services are defined in attached schedule 1)

  2. Employee

    Individuals employed by the eligible services providers referred in (1) above on permanent or contractual basis who have entered into agreements with such services providers.


OPENING OF ACCOUNTS

Accounts under this scheme should be opened only in the domestic banking unit, and should be in the form of current, savings or Term Deposits in designated Foreign Currency

DOCUMENTS REQUIRED

  • Employer

    A letter from the Commissioner General of Inland Revenue confirming that the employer is qualified for income tax exemptions under Inland Revenue Act No. 10 of 2006 as amended.

  • Employee

    A letter from an employer that the employee is directly involved in projects carried out by the employer which are exempt under the Inland Revenue Act No. 10 of 2006 (hereinafter referred to as "Exempt Projects") and is paid for his services in foreign currency received from those projects.

PERMITTED DEPOSITS

  • Employer

    Proceeds received (on account of International Services Provided) from abroad through banking channels in designated foreign currency

  • Employee

    Employment income paid out of foreign currency received by an employer for Exempt projects

Interest accruing on the funds held in the account.

PERMITTED WITHDRAWALS

Payment in foreign currency in the form of bank transfers to employees directly involved in Exempt Projects carried out by the employer.

Payments in foreign currency favouring beneficiaries overseas for current transactions only.

Withdrawals in Sri Lanka Rupees.


Professional Services for the Purpose of the Directions Ref: No 06/04/05/2010

  1. Services rendered by any individual as a member of an organized profession with a recognized standard of ability enforced before such person entering to it and recognized standard of conduct enforced while practicing in it

  2. Accounting, book keeping or auditing

  3. Tax advisory services

  4. Services of a draftsman

  5. Engineering services

  6. Software development, data processing, data base development or system designing

  7. Advertising outside Sri Lanka

  8. Research work and Report writing

  9. Photography

  10. Publishing outside Sri Lanka

  11. Beauty culture, hairdressing or modeling outside Sri Lanka

  12. Services of a sports person or an artist

  13. Services of a valuer or Auctioneer

  14. Services of a plumber, mason or carpenter

  15. Quantity surveying

  16. Health care services

  17. Management of any agricultural property situated outside Sri Lanka


Page Top

 

For further assistance, contact

Mr. Kalum Wijesooriya
Chief Manager - Remittances
Hatton National Bank PLC.
Head Office, HNB Towers,
479, T B Jayah Mawatha,
Colombo 10, Sri Lanka.
Tel      : +94 (011) 266 1101
Fax     : +94 (011) 266 1103
E-mail : kalum@hnb.lk