Sri Lanka can collect Rs700bn more from customs duty: FinMin
ECONOMYNEXT – Sri Lanka can boost customs revenue by Rs700 billion to Rs1,500 billion a year by installing scanning machines and cutting room for undervaluing goods, Finance Minister Ravi Karunanayake said.
He said only Rs800 billion a year was collected from international trade now.
But moves to install scanning machines was facing resistance, he said.
"We cannot let 1,200 people affect the future of Sri Lankan citizens," he told an economic forum in Colombo organized by the Ceylon Chamber of Commerce.
Boosting revenue by Rs700 billion (5.7 percent of gross domestic product) would eliminate Sri Lanka’s budget deficit expected in 2016.
Sri Lanka is targeting a budget deficit of Rs491 billion for 2016 (about 5.4 percent of gross domestic product) in a revised budget agreed with the International Monetary Fund.
In 2016, a revised budget agreed with the International Monetary Fund is targeting Rs1,412 billion in total tax revenues and Rs134 billion in non-tax revenue. (Colombo/Aug02/2016)