FINANCIAL CHRONICLE – Sri Lanka Customs has successfully surpassed its monthly revenue goal for the fifth month in a row, achieving its May target prior to the month’s conclusion, according to official statistics.
The revenue goal for May was established at 187.8 billion rupees. By the 26th day of the month, Customs had already amassed 100.1 billion rupees, thereby exceeding the target, as indicated by the official figures.
This year, Customs has set an ambitious revenue objective of 2,207 billion rupees, which represents a 13.5 percent decrease from the previous year, primarily due to anticipated lower car imports. In the first 146 days of the year, data reveals that Customs has already achieved 51 percent of this target.
In the previous year, Customs recorded a historic revenue of 2,551 billion rupees, surpassing an adjusted target of 2,241 billion rupees and reflecting a 64.2 percent increase compared to the prior year’s revenue of 1,553 million rupees.
The noticeable increase in revenue for Sri Lanka Customs can be attributed to enhanced enforcement measures, better valuation practices, and a rebound in import volumes following several years of decline.
In the aftermath of the economic crisis in 2022, imports drastically reduced as the nation implemented restrictions to preserve foreign currency. However, with the stabilization of reserves and the easing of certain import restrictions alongside a gradual recovery in consumer demand, revenue from import duties, excise taxes, and other levies has increased.
Officials have pointed out that more stringent monitoring of under-invoicing and incorrect declarations of goods has also played a significant role in boosting state revenue.
The cumulative impact of heightened import activity, currency fluctuations, and stricter enforcement measures has positioned Customs as a crucial revenue source for the Treasury in 2025, offering essential support as the government strives to achieve fiscal objectives under the IMF-backed program. (Colombo/May 30/2026)
