Sri Lanka Customs likely to see 2025 revenue target exceeding by Rs. 400 bln: DG
Sri Lanka Customs is likely to see its 2025 revenue target exceeding by around 400 billion rupees, its Director General Seevali Arukgoda said, mainly led by taxes from imported vehicles.
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.
However, it has already exceeded the target by 197 billion rupees to 2,312 billion rupees as of Sunday (07), the official data showed.
“We expect the revenue to exceed by 400 billion rupees,” Customs Director General Seevali Arukgoda told Economy Next last week.
The major component of the Customs revenue for this year has been from the vehicle imports, officials and IMF have said.
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.
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.
