The government is likely to surpass its expected revenue target from vehicle imports by the end of this year, according to the revelation during the Committee on Public Finance (COPF).

The meeting was chaired by SJB MP Dr. Harsha de Silva.

When asked about the projected revenue from vehicle imports for this year, Deputy Secretary of the Treasury, Dileep Silva, said it was initially estimated at Rs 460 billion.

However, Ishani Abeyratne, Additional Director General – Department of Trade and Investment Policy, noted that current trends indicate a higher figure, estimating revenue could reach around Rs 700 billion due to a greater number of vehicles being imported than anticipated.

The committee also inquired about the Letters of Credit (LOCs), with Abeyratne reporting a total of USD 1.57 billion issued up to 16 September.

Meanwhile, revenue from the tourism sector this year is expected to reach approximately USD 3.5 billion. When asked about tourist arrivals, Prasad Jayasuriya of the Sri Lanka Tourism Development Authority stated the expected number of visitors would be between 2.4 to 2.5 million, aiming to generate the projected revenue of USD 3.5 billion.

During the meeting, committee member Rauf Hakeem called for an urgent forensic audit to assess the financial loss the government suffered during the electronic visa issuance process. Hakeem highlighted that despite a Supreme Court ruling addressing the visa issue, the forensic audit requested for Parliament has yet to be completed, with potential losses to the government exceeding Rs. 4 billion. Dr. Harsha de Silva agreed, stressing that the audit’s urgency should be formally communicated to the relevant authorities.