FINANCIAL CHRONICLE – According to official statistics, Sri Lanka Customs has achieved nearly 65 percent of its revenue goal for May 2026 within the first 18 days of the month.
The revenue target for Customs this month is set at 187.8 billion rupees, and preliminary data indicates that 122 billion rupees has been collected thus far.
Throughout 2026, Customs has consistently surpassed its revenue targets each month up to April, having accumulated 47 percent of the annual goal in just the first 138 days.
In the previous year, Customs recorded an all-time high revenue of 2,551 billion rupees, exceeding the revised annual target of 2,241 billion rupees, and achieving a remarkable 64.2 percent increase compared to the 1,553 billion rupees collected the year before.
For 2026, Customs has set a revenue target of 2,207 billion rupees, which is a 13.5 percent reduction from last year, anticipating a considerable decrease in automotive imports.
The surge in revenue for Sri Lanka Customs can be attributed to enhanced enforcement measures, better valuation techniques, and a recovery in import volumes following a prolonged period of decline.
However, analysts predict that Customs revenue may face challenges due to a new 50 percent surcharge on import duties for personal vehicles, which the government implemented for three months starting May 16.
Following the economic crisis of 2022, the country experienced a drastic reduction in imports due to measures aimed at conserving foreign currency.
With the stabilization of foreign reserves, the easing of certain import restrictions, and a consistent recovery in consumer demand, collections from import duties, excise taxes, and other charges have seen a notable increase.
Officials have highlighted that more rigorous checks on under-invoicing and incorrect declarations have also played a role in increasing state revenue.
The combined impact of heightened import activity, fluctuations in currency values, and stricter enforcement has positioned Customs as a crucial revenue contributor for the Treasury in 2025, offering essential support as the government strives to meet fiscal objectives set under the IMF-backed program. (Colombo/May 20/2026)
