Sri Lanka Customs sees March revenue target exceeding over 25%

Sri Lanka Customs exceeded its March target by 25.2%, while revenue for the first quarter exceeded the target by a third, official data showed.

Customs’ March revenue target was set at 180.4 billion rupees. However, the revenue collecting body collected 226.4 billion rupees in the month, exceeding the target by 25.2%, official data showed.

It also exceeded the first quarter target by 33.7% to achieve 677.3 billion rupees.

Customs has been accelerating container clearance since January after the devastation in November impacted usual activities.

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

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. Data showed it achieved 30 percent of this year’s target in the first three months.

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 2022 economic crisis, imports fell 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