The Excise Department of Sri Lanka has reached an unprecedented milestone in its 120-year history, recording revenue exceeding Rs. 200 billion by November 30, 2024. This achievement marks a historic first for the department, which had projected annual revenue of Rs. 232 billion for the year.
Key factors contributing to this remarkable success include:
- Increased Excise Duties on Alcohol: Adjustments to tax rates significantly boosted government revenue from alcohol production.
- Implementation of a Security Stamp Programme: The introduction of enhanced security stamps reduced counterfeit alcohol circulation and increased consumer reliance on government-approved products.
- Special Operations and Crackdowns: Targeted raids on illegal alcohol production and counterfeit security stamps further strengthened revenue streams by curbing illicit activities.
This achievement is particularly notable given the economic challenges posed by the COVID-19 pandemic and ongoing national economic struggles. Despite limited human resources, the Excise Department’s strategic measures demonstrated resilience and efficiency, emphasizing its commitment to meeting and surpassing financial targets.
The department’s historic performance highlights the importance of innovative approaches and stringent enforcement in enhancing national revenue while maintaining market integrity.
