Sri Lankan local banks have opened $ 1,570 million worth of letters of credit (LCs) as of 16 September for the importation of motor vehicles, according to Finance Ministry officials, who were summoned before the Committee on Public Finance (CoPF) in Parliament.

It was further revealed during the meeting that government revenue expectations from vehicle imports are likely to be exceeded by the end of the year, according to Deputy Secretary to the Treasury Dilip Silva, who said that the government anticipated a tax revenue of Rs. 460 billion for this year.

This was disclosed when CoPF Chairperson Dr. Harsha de Silva inquired from Finance Ministry officials pertaining to the expected revenue from vehicles for this year, following the relaxation of imports earlier this year.

Meanwhile, Trade and Investment Policy Additional Director General Malshani Abeyratne noted that according to the current situation, the revenue will be higher.

“We didn’t expect this many vehicles to come in. We now see a trend indicating around Rs. 700 billion,” Abeyratne said.

It was also revealed that the tourism sector is expected to generate approximately $ 3.5 billion in revenue this year.