Thursday Dec 12, 2024
Thursday Dec 12, 2024
Thursday, 12 December 2024 00:00 - - {{hitsCtrl.values.hits}}
Sri Lanka Customs Director General Sarath Nonis
By Charumini de Silva
Sri Lanka Customs is on the brink of a record-breaking achievement, with the Department expected to surpass Rs. 1.5 trillion in revenue for the first time in its history.
Director General Sarath Nonis expressed confidence in meeting the ambitious target set for 2024, noting that over Rs. 1.4 trillion (Rs. 1,413.3 billion) has already been collected as of yesterday.
“This year’s revenue target is Rs. 1.53 trillion (Rs. 1,533 billion) with 20 days remaining; we are up for a strong finish to 2024,” Nonis told the Daily FT.
He said the Department’s robust performance has been primarily driven by imports of petroleum, cigarettes, steel and steel products, and electric appliances.
The Director General acknowledged that meeting the remaining Rs. 129 billion would be challenging, but achievable with rice imports expected mid-month likely to provide a critical boost.
“It is an ambitious target and we are giving our best effort to achieve this goal – there is a fair chance of just making it,” he added.
Nonis said the projected revenue of Rs. 1.53 trillion represents a significant leap from last year’s Rs. 970 billion. “The year-to-date (YTD) figure of Rs. 1.41 trillion already reflects a 46% year-on-year (YoY) increase compared to the Rs. 970 billion registered by the Department in 2023,” he added.
He said the record-breaking performance this year will highlight the importance of strategic planning, technological innovation, and transparency in further enhancing the Department’s capacity.
“We hope this achievement will set a new benchmark for the Department,” he added.
Despite challenges such as continued restrictions on vehicle imports, which typically account for 25%-30% of Customs revenue, he said it now contributes less than 6%, highlighting that the Department has made significant progress in revenue collection.
The Director General credited the achievement to greater autonomy granted to Sri Lanka Customs, enhanced operational efficiency, and stricter oversight.
He said the implementation of the Automated Risk Management Unit has minimised human intervention, improving detection of commercial transactions and smuggling whilststreamlining processes.
Nonis opined improved tax collection mechanisms, along with fines and penalties, have also played a critical role in increasing revenue.
“We have managed to minimise most of the leakages within the system,” he said, citing the Department’s efforts to combat corruption.
He highlighted that over the past two years, Sri Lanka Customs has introduced a strong code of conduct and taken decisive action to improve integrity and transparency.
