ECONOMYNEXT – Revenue collected by Sri Lanka Customs jumped around 30 percent in October compared to the monthly target, while the total revenue has reached around 95 percent of the full year target, the government data showed.
Sri Lanka Customs has set a revenue target of 2,115 billion rupees for this year, 36.2 percent higher than last year’s 1,553 million rupees.
The monthly target for October this year was 205 billion rupees, but the government has achieved 266 billion rupees in the month through October 30, the official Customs data showed,
The Customs has achieved 2,004 billion in revenue during the first 10 months of this year compared to 1,253 billion rupees in the same period last year, showing a 60 percent growth in the collection.
Customs also exceeded its revenue target by 18.5 percent in the first 10 months of this year, the data showed.
Sri Lanka Customs revenue jump is largely due to stronger enforcement, improved valuation practices, and a rebound in import volumes after years of contraction.
Following the economic crisis of 2022, imports had fallen sharply as the country imposed restrictions to conserve foreign exchange.
However, with the stabilization of reserves, the relaxation of certain import controls, and a steady recovery in consumer demand, customs collections from import duties, excise, and other levies have risen.
Officials note that tighter monitoring of under-invoicing and misdeclaration of goods has also contributed to boosting state revenue.
Another key driver has been the depreciation of the Sri Lankan rupee, which, while increasing costs for importers, has raised the rupee value of duties and taxes collected at the border.
At the same time, the government’s push to digitize Customs procedures and strengthen compliance mechanisms has improved efficiency and transparency, plugging revenue leakages.
The combined effect of increased import activity, currency movements, and stricter enforcement has positioned Customs as one of the top revenue sources for the Treasury in 2025, providing a vital cushion as the state works to meet fiscal targets under the IMF-supported program. (Colombo/November 01/2025)
