ECONOMYNEXT –Sri Lanka Customs has achieved 90 percent of its revenue target by October 20 after exceeding the monthly targets every month, 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 revenue collection body of the government has collected 1,906 billion rupees as of October 20 to achieve over 90 percent of this year’s target, the data showed.
The Customs collected record monthly revenue of 253.2 billion rupees in September this year and the highest ever daily collection of 24.9 billion rupees on October 16.
Seevali Arukgoda, Customs Director General has said the institution can easily exceed this year’s target.
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/October 21/2025)
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