FINANCIAL CHRONICLE – Sri Lanka Customs has surpassed its revenue goal for April by 30.5%, with the total revenue for the first four months of the year witnessing an approximate 50% increase compared to the same timeframe last year, according to official statistics.
The revenue target for Customs in April was established at 181.2 billion rupees. However, the agency managed to collect 236.5 billion rupees during the month, significantly exceeding its target.
Additionally, Customs outperformed its cumulative target for the first four months of the year by 33.7%, reaching a total of 919.3 billion rupees.
Since January, Customs has been expediting the clearance of containers following the disruptions caused by the events of November, which had adversely affected regular operations.
Overall, Customs’ revenue for the initial four months of 2023 increased by 49.8% compared to the same period in the previous year.
In the previous year, Customs recorded an all-time high revenue of 2,551 billion rupees, surpassing a revised annual target of 2,241 billion rupees and achieving a remarkable 64.2% growth compared to the prior year’s figure of 1,553 million rupees.
For the current year, Customs has established a revenue target of 2,207 billion rupees, which is a 13.5% reduction from last year, as it anticipates a significant decrease in car imports. The data indicates that 41.7% of this year’s target has already been met within the first four months.
The recent surge in revenue can be attributed to enhanced enforcement measures, improved valuation practices, and a rebound in import volumes following years of decline.
After the economic crisis of 2022, imports plummeted due to the imposition of restrictions aimed at conserving foreign reserves. However, with the stabilization of reserves, some import controls have been relaxed, and consumer demand has steadily recovered, leading to increased customs collections from import duties, excise taxes, and other fees.
Officials have pointed out that more stringent monitoring of issues such as under-invoicing and goods misdeclaration has also played a significant role in boosting state revenue.
The combination of heightened import activity, currency fluctuations, and stricter enforcement has positioned Customs as a vital revenue source for the Treasury in 2025, providing essential support as the government strives to meet fiscal targets under the IMF-supported program. (Colombo/May 05/2026)
