Import restrictions on more goods to be eased in near future – State Minister

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

Speaking to the media today (April 18), following a review meeting on Sri Lanka Customs’ revenue targets for the year, the State Minister pointed out that it will also help Sri Lanka Customs to achieve the expected income.

Siyambalapitiya, who emphasized that the revenue target given to the Sri Lanka Customs for the first three months of the year is Rs. 270 billion, however mentioned that the revenue generated during that period is 12% less than the expected income.

The main cause of this is the import restrictions imposed by the government, he claimed.

485 items were subjected to the relevant import restrictions in 2021, while another 750 items were restricted in 2022, the State Minister highlighted, also stating that the appreciation of the Rupee in March also led to the Customs Department’s inability to reach the expected revenue targets.

Furthermore, the State Minister expressed that therefore, the relevant import restrictions will be relaxed in the near future with much consideration and that especially, the decisions will be arrived at based on the recommendations provided by the Economic Research Department of the Central Bank of Sri Lanka.