• Revenue target of Rs. 2,115 b expected to be exceeded before 15 Nov.
• Customs forecasts over Rs. 300 b in additional revenue by year-end
• Motor vehicle imports contribute Rs. 200 b above forecast
• Share of revenue from electronics, food items, machinery rises to nearly 50%

Sri Lanka Customs is set to surpass its 2025 annual revenue target of Rs. 2,115 billion before 15 November and is forecast to exceed the target by over Rs. 300 billion by the end of the year.

Speaking to The Sunday Morning Business, Sri Lanka Customs Media Spokesman Chandana Punchihewa revealed that the annual revenue target of Customs for 2025, set at the beginning of the year, was Rs. 2,115 billion and that revenue collection so far had exceeded expectations. 

He revealed that revenue collection by Sri Lanka Customs as of the beginning of the preceding week stood at around Rs. 2,036 billion.

With less than Rs. 100 billion remaining to surpass the 2025 annual target, he expressed confidence that Customs would comfortably exceed the target before 15 November.

Punchihewa further stated that, considering the current pace of revenue collection, Sri Lanka Customs expected to exceed the annual target by over Rs. 300 billion by the end of the year.

Commenting on how Customs had generated this additional revenue, he stated: “When compared to the forecast, there is around a Rs. 200 billion increase from motor vehicles and the remainder is from the other goods imported. 

“Previously (before the ban on vehicle imports), 80% of our revenue mix comprised revenue generated from motor vehicles and petroleum products. This mix has changed substantially and the other categories have increased to around 50% of our revenue. 

“Earlier, the revenue generated from these other categories, comprising electronics, food items and machinery, accounted for less than 20% of our revenue.”

Punchihewa claimed that this additional revenue generated by Sri Lanka Customs was due to increased revenue from taxes collected from imported motor vehicles as well as increased revenue from other categories of imported goods, such as electronics, food items, and machinery.

He further pointed out that while revenue generated from the import of motor vehicles and petroleum products had increased in absolute terms, their share as a percentage of total revenue had declined. However, the increase in revenue from other categories has been significant, accounting for nearly 50% of Sri Lanka Customs’ total revenue at present.