September 25, Colombo (LNW): Government earnings from vehicle imports are on track to exceed expectations well before the close of 2025, according to discussions held by the Committee on Public Finance (CoPF) on 23 September.
The update was provided during a session chaired by Dr Harsha de Silva, who oversaw the committee’s review of current fiscal trends and revenue streams.
During the meeting, Deputy Secretary to the Treasury, Dilip Silva, stated that the original revenue target for vehicle imports had been set at Rs. 460 billion for the year.
However, in response, Malshani Aberatne, Additional Director General of Trade and Investment Policy, said that revenue projections have since been revised upward, with the latest data pointing to potential income in the region of Rs. 700 billion. She attributed this sharp increase to a larger-than-anticipated surge in vehicle import volumes.
Aberatne further disclosed that by 16 September, letters of credit amounting to USD 1.57 billion had already been opened for the importation of vehicles — a clear indication that import demand remains high and continues to fuel treasury inflows.
The committee is expected to monitor developments over the final quarter of the year, with further analysis planned to assess both the economic benefits and the potential macroeconomic pressures of this unexpected rise.
