Sharp increase in Sri Lanka Customs' revenue

Despite the global economic uncertainty and downturn, with most countries stagnating or contracting, Sri Lanka Customs recorded a revenue of Rs. 251.4 billion up to July 31 in the 2013/14 fiscal year. July alone recorded Rs. 45.3 billion which is Rs. 8.8 billion above the revised estimate tax revenue target of 36.5 billion, 12.8 billion (39.39% growth) more than the customs revenue collected during the corresponding month of the previous year's 5.63%.

For July 2013, Import VAT (Value Added Tax) (19.36%) which is paid on the import of goods customs, Import Duty (14.98%). Ports and Airports Levy (PAL) (12.86%), and Special Commodity Levy (SCL) (10.49%), are the largest components of customs revenue of the total.

The increase in voluntary compliance of the trade population this year is one of the many reasons for revenue improvement. It is underpinned by adoption of a holistic risk-based compliance management approach which allowed customs to focus its attention on higher risk consignments while allowing legimate and lower risk imports and exports to move quickly through customs territories.

Director General of Customs Jagath P. Wijeweera and Director of customs (Preventive) G.A.L. Gamini commended all law abiding, traders who, by meeting their customs obligations honestly and timeously, play a central role in supporting the country's growth and development. He also commended Additional Director Generals of Customs and his management team for the revenue performance that the customs continues to do.