Saturday Dec 28, 2024
Saturday Dec 28, 2024
Saturday, 28 December 2024 00:23 - - {{hitsCtrl.values.hits}}
 |
| Sri Lanka Customs Director General Sarath Nonis |
By Charumini de Silva
Sri Lanka Customs is poised to make history, nearing an unprecedented revenue target of Rs. 1.5 trillion in 2024, marking a significant achievement for the Department and the country’s economy.
As of 25 December, the Department has already collected over Rs. 1.47 billion (Rs. 1,479 billion), leaving just Rs. 21 billion to be achieved in the remaining days of the year.
“We are almost there. With four more days remaining, we are expecting at least Rs. 25 billion during this time,” Sri Lanka Customs Director General Sarath Nonis told the Daily FT.
The Department’s robust performance has been primarily driven by imports of petroleum, cigarettes, steel and steel products, and electric appliances. Sri Lanka Customs last week announced tax revenue of Rs. 4.3 billion from the import of 67,000 tons of rice since 4-20 December.
For the first time in history, Sri Lanka Customs crossed the Rs. 1 trillion revenue milestone on 6 September 2024. The previous highest revenue record was Rs. 975 billion in 2023. Last year, the Department was given a revenue target of Rs. 892 billion for 2023, but managed to surpass it by achieving Rs. 975 billion.
With final days of December being critical, Nonis said all eyes remain on Sri Lanka Customs as it pushes to close the year 2024 with this landmark achievement.
He said this would be the first time in history that Sri Lanka Customs surpasses the Rs. 1.5 billion mark.
“Achieving this target will further strengthen Government coffers, boosting confidence in the country’s fiscal recovery efforts,” he added.
The Director General attributed the record-breaking performance to several factors, including enhanced enforcement measures, streamlined processes for revenue collection and improved compliance by importers and exporters.
