Sri Lanka Customs outperforms in February; exceeds revenue goal by 28-pct

Revenue collected by Sri Lanka Customs in February 2025 has exceeded the target by 28 percent or 46.4 billion rupees, the official data showed.

The Custom’s February revenue target was set 160.2 billion rupees. But the revenue collecting body has collected 212.4 billion rupees, exceeding the target by 28 percent in the month, the official data showed.

Customs has been accelerating container clearance since last month after Ditwah devastation hit the usual activities for at least four days in November amid higher imports in December.

As of March 21, the Customs has achieved 21.5 percent of this year’s target in the first 62 days of the year, official data showed.

Last year, the Customs collected a record 2,551 billion rupees in revenues, higher than a revised up target of 2,241 billion rupees for the year and achieved 64.2 percent higher revenue than the previous year’s revenue of 1,553 million rupees.

The Customs has set a revenue target of 2,207 billion rupees for this year, 13.5 percent less than last year as it expects a significant decline in car imports.

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. 

source: Economy Next