Sri Lanka Customs has generated 870 billion rupees from vehicle imports, with total collections projected to reach approximately 2,545 billion rupees by the end of December, according to Customs spokesperson Chandana Punchihewa.

Initially, Sri Lanka Customs was assigned a revenue target of 2,115 billion rupees, which was later adjusted to 2,231 billion rupees. “The target also incorporated the expected revenues from vehicles,” Punchihewa stated in a video released by the government information office. “We collected 870 billion rupees from vehicles, but that would only bring the total to around 2,400 billion rupees.”

“To date, we have collected 2,510 billion rupees, with a few days remaining. We believe we can achieve 2,540 billion rupees,” he added. Punchihewa noted that customs has enhanced internal processes and leveraged digital technology to increase revenues.

Sri Lanka’s economy and private credit have shown robust growth, supported by low inflation maintained by the central bank, although there are concerns about recent currency depreciation. The country is recovering from a currency crisis and default, which were precipitated by rate cuts and policy rates imposed on government securities by macro-economists in 2020, leading to an import ban and a subsequent decline in revenues.

Critics refer to the decline in state revenues following these import bans, prompted by rate cuts, as ‘cascading policy errors’.

(Colombo/Dec31/2025)