Impressive Milestone: Sri Lanka Customs Achieves Revenue Target

News Today: Sri Lanka Customs Achieves Revenue Target Without Vehicle Imports

According to the State Minister of Finance, the Sri Lanka Customs has achieved an income of Rs. 708 billion from the Rs. 1,537 billion revenue target set for 2024. Speaking at a ceremony for authorized economic operators organized by the Sri Lanka Customs, Minister Ranjith Siyambalapitiya said that the Customs Department will significantly contribute to the country’s economy by consistently meeting government revenue targets.

This success comes despite the suspension of vehicle imports, which is a major revenue source for Customs. In 2018, the last year vehicles were imported, Rs. 204 billion or 22% of the total revenue of Rs. 923 billion was from vehicle imports. The Minister also said that in 2019, 16% of the total income, amounting to Rs. 130 billion, came from vehicle imports.

The suspension of vehicle imports has been a significant challenge for Sri Lanka Customs, yet the department has managed to diversify its revenue streams effectively. Minister Siyambalapitiya highlighted that the Customs Department has been focusing on enhancing efficiency and implementing stringent measures to curb smuggling and illegal imports, contributing to the overall revenue.

The Minister emphasized the importance of the Customs Department in the economic stability of Sri Lanka. By maintaining high standards of operation and continuously adapting to the changing economic landscape, Sri Lanka Customs has proven its resilience and capability to meet revenue targets even under challenging circumstances.

The revenue generated by Sri Lanka Customs is crucial for the government’s budget and overall economic planning. The success in achieving the revenue target without vehicle imports showcases the department’s strategic planning and effective implementation of policies.

Minister Siyambalapitiya concluded by expressing confidence in the Customs Department’s ability to continue contributing significantly to the country’s economy, even amidst external challenges.