Sri Lanka Customs intends to impose the highest penalties possible on those who smuggle more than 100 grams of gold and significant amounts of prohibited goods, such as cell phones, in reaction to the growing decline in revenue.
According to Customs Media Spokesman Sivali Arukgoda, a recent report from the Parliamentary Committee on Ways and Means highlighted a loss of 1.4 billion rupees in recent times, which was attributed to the discretionary powers granted to customs officers in determining fines for smuggling restricted goods into the nation.
The committee also disclosed that, as a result of import limitations, there has been a sharp increase in the smuggling of gold, cell phones, and other precious goods within the last three years.
Since June 2023, anybody found in possession of valuables that are prohibited may be fined three times the value of the objects or face a penalty of 100,000 rupees, according to Arukgoda.
Customs revenue as of October 31 was 760 billion rupees, and Arukgoda stated that customs collection for the year as a whole is expected to exceed 925 billion rupees.
For 2023, the Sri Lankan Government set a revenue goal of Rs. 1,226 billion.
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