FINANCIAL CHRONICLE – In August, Sri Lanka Customs successfully surpassed its monthly revenue goal for the eighth straight month, reaching this milestone prior to the month’s conclusion, according to official statistics.
The revenue target for August was established at 190.3 billion rupees; however, by the 27th day of the month, Customs had already accumulated 199.6 billion rupees, thereby exceeding the target.
For the current year, Customs has set an ambitious revenue goal of 2,207 billion rupees, reflecting a 13.5 percent reduction compared to the previous year, as a significant drop in car imports was anticipated. Official data indicates that, even before the eighth month of the year concluded, Customs had already achieved 83 percent of this year’s target, totaling 1,832.7 billion rupees.
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Last year, the agency set a record by collecting 2,551 billion rupees, surpassing an adjusted target of 2,241 billion rupees and achieving a remarkable 64.2 percent increase over the previous year’s revenue, which was 1,553 million rupees.
This surge in revenue can be attributed to enhanced enforcement measures, improved valuation practices, and a revival in import volumes following years of decline.
During the economic crisis of 2022, there was a significant decrease in imports as the country implemented restrictions to safeguard its foreign reserves.
However, with the stabilization of reserves, the easing of certain import regulations, and a steady increase in consumer demand, Customs has seen a rise in collections from import duties, excise taxes, and other levies.
Officials have pointed out that more stringent monitoring of under-invoicing and goods misdeclaration has also played a key role in enhancing state revenue.
The combination of increased import activity, currency fluctuations, and stricter enforcement has positioned Customs as a major source of revenue for the Treasury in 2025, providing essential support as the government strives to meet fiscal targets outlined in the IMF-backed program. (Colombo/August 30/2026)
