News
Vehicle imports to rev up revenue in Budget 2026
View(s):By Damith Wickremasekara
Next year, the government will focus on raising revenue through vehicle imports, continuing its policy of import relaxation, the Sunday Times learns.
However, a request to allow import of vehicles up to five years old will not be considered in the next year’s budget, which is under preparation.
The government is anticipating an estimated revenue of Rs 550 billion next year, though this year’s revenue from vehicle imports is expected to reach around Rs 650 billion.
So far, the tax gained from vehicle imports, after relaxing a ban on imports in February, has surpassed Rs 450 billion.
As the preparation of next year’s budget was reaching its final stages, it was unlikely that the existing taxes would be revised, officials said.
With a focus on an export-oriented economy, the budget is expected to also offer incentives to exporters.
The Aswesuma welfare programme is expected to be allocated Rs 240 billion compared to the Rs 229 billion allocation this year.
The fisheries, agricultural and tea sectors too are expected to receive incentives in the budget.
The next year’s salary revision, which is coming in stages from this year, is expected to cost the government an additional Rs 100 billion.
The budget is being prepared in keeping with the International Monetary Fund programme.
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