Tue, 03 Aug 2021 Today's Paper

Govt. losing 20% revenue due to Customs leakages: Treasury

2 September 2019 12:01 am - 0     - {{hitsCtrl.values.hits}}

A A A

The government is estimated to be losing nearly 20 percent revenue from Sri Lanka Customs (SLC) due to various revenue leakages, according to the Treasury.  
A senior Treasury official revealed that under-invoicing, under-valuation and misclassification have been identified as main reasons for revenue leakages from the SLC.
He noted that SLC officials cannot be solely blamed as the private sector too is looking for every possible loophole to evade taxes. 


He further pointed out that it has become almost impossible to identify these leakages due to the un-systematic manner of industrial development in the country. 


However, speaking of vehicle imports, he noted that the government was able to arrest revenue leakages by introducing a unit-based duty mechanism.  Finance Minister Mangala Samaraweera earlier this year pointed out that revenue leakages at SLC as the main reason for SLC failing to meet its 2018 target of Rs.1, 068 billion.

 

SLC was only able to collect Rs.921 billion despite 8.3 percent growth in imports and 15 percent rupee devaluation in 2018.

 

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 


Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment


Ugly sporting truths Sport scholarships thrive in culture of corruption

Sadly the cohort of perpetrators include egotistical leaders, coaches and eve

JR Jayewardene and the July 1983 Anti-Tamil Violence

July 24, 1983 was the day on which a destructive spree of anti-Tamil violence

“Medamulana Dynasty”: Four Sons and Three Grandsons of Don Alvin Rajapaksa

Basil Rohana Rajapaksa was sworn in as Finance minister in the Government of

Site survey near Akasa Chaitya: Is it the end of Yala?

The Yala National Park has been at the receiving end of human disturbances fr



See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.