Local banks have opened USD 1,570 million worth of Letters of Credit (LCs) as of September 16, 2025, for the importation of motor vehicles, according to Finance Ministry officials.
This was revealed when the Finance Ministry officials were summoned before the Committee on Public Finance (CoPF) in Parliament.
It was revealed during the Parliamentary Committee on Public Finance meeting that government revenue expectations from vehicle imports are likely to be exceeded by the end of the year.
This was disclosed when CoPF Chairman Dr. Harsha de Silva inquired from Finance Ministry officials pertaining to the expected revenue from vehicles for this year, following the relaxation of imports earlier this year.
Deputy Secretary to the Treasury Dilip Silva in response stated that the government anticipated a tax revenue of Rs. 460 billion for this year.
Meanwhile, Additional Director General of Trade and Investment Policy Malshani Abeyratne noted that according to the current situation, the revenue will be higher.
She said, “We didn’t expect this many vehicles to come in. We now see a trend indicating around Rs. 700 billion.”
Meanwhile, it was also revealed that the tourism sector is expected to generate approximately USD 3.5 billion in revenue this year.
