State Finance Minister Ranjith Siyambalapitiya said that measures will be taken to relax the import restrictions imposed on many other goods.

Following a progress review meeting on Sri Lanka Customs revenue targets for the year held yesterday, he pointed out that the move will also help the Department to achieve the expected income.

The revenue target set for Sri Lanka Customs for the first quarter of the year is Rs. 270 billion, however Siyambalapitiya noted that the revenue collection during the timeline was 12% lower than the anticipated income.

He claimed the main cause for the loss of revenue was the import restrictions imposed by the Government.

“A total of 485 items were subjected to the relevant import restrictions in 2021, while another 750 items were restricted in 2022,” Siyambalapitiya said, adding that the Customs Department was unable to meet the anticipated income goals as a result of the Rupee’s appreciation in March.

Against this backdrop, the State Minister said the relevant import restrictions will be relaxed in the near future with much consideration.

 “The decision to relax import restrictions will be considered based on the recommendations provided by the Economic Research Department of the Central Bank of Sri Lanka,” he added.

Cabinet cracks curbs on trade