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Customs set to surpass 2026 revenue target

Stronger demand amid economic recovery boosts imports, collections
Higher import costs and exchange rate movements also lift tariff revenue

Sri Lanka Customs is on course to surpass its 2026 revenue target of Rs. 2.207 trillion by 15 October amid improved demand following the economic recovery and the increased cost of imports resulting from external market crises.

Speaking to The Sunday Morning Business, Sri Lanka Customs Media Spokesman Chandana Punchihewa stated that as of 29 September, the department had generated a revenue of Rs. 2.1 trillion.

“We are on track to surpass our annual revenue target of Rs. 2.207 trillion by 15 October. I believe that we will surpass the revenue of Rs. 2.55 trillion collected last year and reach around Rs. 2.6 trillion according to existing statistics,” he stated.

“Generally, our daily collection is around Rs. 10 billion. As such, we can achieve the remaining Rs. 100 billion [to meet the annual target] within 10 working days,” he added.

Commenting on the reasons for the better-than-expected revenue figures, Punchihewa pointed out that this had been achieved despite decreased vehicle imports, being largely driven by improved demand for general goods, which he attributed to conditions following the economic recovery.

However, he noted that the revenue increase had also been influenced by the higher cost of imported goods amid a strengthening US Dollar, with the increased cost of such imports resulting in higher tariff collection.

“We are taxing the rupee value. Therefore, the rupee value will inevitably increase due to exchange rate depreciation even if the US Dollar amount remains the same,” he stated.

According to Sri Lanka Customs revenue data as of 29 September, accumulated actual revenue stood at Rs. 2,104.6 billion against an accumulated original estimate of Rs. 1,638.9 billion, representing an outperformance of Rs. 465.7 billion or 128% of the estimate. The full-year original revenue estimate for 2026 is Rs. 2.207 trillion.

The data further showed that monthly collections had consistently exceeded their estimates throughout the year.

Collection had reached Rs. 235.3 billion in January, or 147% of the month’s estimate, the highest monthly outperformance of the year, with each subsequent month ranging between 119% and 135% of the estimate. In the period up to 29 September, collection stood at Rs. 245.9 billion against an estimate of Rs. 195.6 billion, or 126% of the estimate.

On 29 September alone, Sri Lanka Customs collected Rs. 11.8 billion, comprising Rs. 8.8 billion from general goods and Rs. 3.9 billion from vehicles.