Source: https://rivet.global/blog/sri-lanka-it-bpm-companies-billing-foreign-clients
Published: 2026-10-15 · Updated: 2026-10-15 · By Rashidatou K.

# Sri Lankan IT and BPM companies billing foreign clients

Sri Lanka's software and business process companies sell to clients in the UK, US, Australia and Europe. Invoicing, repatriation, tax changes and getting paid faster.

## Key takeaways

- Sri Lankan IT and BPM companies invoice clients in the UK, US, Australia and Europe in their currencies.
- Proceeds are repatriated to Sri Lanka through banks under the Foreign Exchange Act.
- The tax treatment of service export income changed after 2022; check the current rate and conditions.
- Clear invoices and payment references reduce the time banks take to classify receipts.

A Colombo software company works for a fintech in London, a logistics firm in Seattle and a university in Sydney. It invoices in pounds, dollars and Australian dollars. Each payment comes into its Sri Lankan bank as an international transfer, two to five days after the client pays, with the bank's questions about purpose sometimes adding a day.

## Invoicing

Clients in each market approve invoices faster in their own currency. A good export invoice includes:

1. Your registered details and the client's.
2. The service, period and deliverables.
3. Amount and currency.
4. Payment details and a clear purpose, such as "software development services".

## Repatriation

Under the Foreign Exchange Act, proceeds are brought to Sri Lanka through banks. Once received, they can be held in foreign currency accounts and converted when you need rupees.

## Tax

Sri Lanka's tax reforms after 2022 changed how service export income is taxed, including exemptions that IT and BPM firms had relied on. Confirm the current rate and conditions with your adviser each year.

## Faster receipts

Delays usually come from the client's processes and the correspondent chain. Clear purpose details and invoice numbers on each payment help your bank credit it quickly. Agree in contracts who pays international transfer charges.

## Paying into Sri Lanka: the local rail

| What | Detail |
|---|---|
| Local rail | LankaPay CEFTS (Common Electronic Fund Transfer Switch) |
| Run by | LankaClear, under the Central Bank of Sri Lanka |
| Settlement | Seconds, 24/7 |

Source: [LankaPay: CEFTS](https://www.lankapay.net/). Checked when this guide was last updated; the scheme's own page has the current figures.

## Where Rivet fits

Rivet opens business accounts for registered companies after verification. A Sri Lanka-registered company must bring proceeds into Sri Lanka, so check with your bank before receiving funds abroad. Where available, Rivet's payouts can deliver funds into Sri Lankan bank accounts from partners abroad who bank with Rivet. Rivet is not a bank; regulated partner institutions hold the funds.

## Questions

### Do Sri Lankan IT exporters pay income tax on export income?

Exemptions that applied before 2022 were changed in the tax reforms that followed. Check the current treatment with your tax adviser.

### Which currency should we invoice in?

The client's currency usually speeds approval. Proceeds arrive in that currency and can be held in foreign currency accounts in Sri Lanka.

### Why do client payments take days?

International transfers pass through correspondent banks and are processed by your bank on arrival. Clear purpose details help.

### What should invoices include?

Your company details, the client's details, the service, the amount and currency, payment details and the purpose, plus any tax wording that applies.