Customs on path to reach revenue target of Rs.715bn this year

21 September 2022 07:42 am - 6 - {{hitsCtrl.values.hits}}

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60% of revenue target reached by end-August

Sri Lanka Customs (SLC) is on the path to reach the revenue target of Rs.715 billion set for the year in the budget

2022, which is in line with the mid-term goal to increase state revenue to 15 percent of GDP from the current 8 percent.

“We asked SLC to collect Rs.715 billion revenue in the last budget. I’m happy to announce that SLC has been able to reach 60 percent of this target as of 31st of August, which means we can reach the target of Rs.715 billion by end of this year,” State Minister of Finance Ranjith Siyambalapitiya said.

He made these remarks during the maiden visit to the SLC headquarters last week after being appointed the State Minister of Finance.

Siyambalapitiya outlined that reducing fiscal deficit by increasing state revenue remains a key priority of the government in order to contain inflation.

“Our entire state revenue is around Rs.1.4 trillion, but state expenditure amounts to a staggering Rs.3.5 trillion. In other words, the state expenditure is 240 percent of state revenue. If we continue to print money, the inflation will continue to rise. Therefore, it’s the responsibility of the government to increase state revenue,” he elaborated.

Further, he noted that government revenue has fallen since 1995 when it stood at 25 percent of GDP to 8 percent of GDP last year.

He stressed that the government is committed to increasing state revenue to 15 percent of GDP in the medium term, which is also in line with the targets stipulated in the envisaged IMF programme.

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Comments - 6

Genius Wednesday, 21 September 2022 08:19 AM

Hair just grown everywhere but head, good job

Roshanaly Wednesday, 21 September 2022 08:53 AM

How can they increase when there is restriction for imports.

Rod Wednesday, 21 September 2022 11:36 AM

Great use that money for fuel subsidy to reduce inflation

Jayaweera Fernando Wednesday, 21 September 2022 12:30 PM

You must do this for all 225 crooks in the parliament and then continue.

Seqi Wednesday, 21 September 2022 01:21 PM

Don't forget to check out an anus or two... there's gold to be made out of muck and bras.

Food first religious place last Wednesday, 21 September 2022 09:18 PM

The revenue is still far below expenditure. Public taking a beating with tax increases, including customs duty increases. When will government start reducing it's expenditure. Inflation is going to keep going up and up and up while the money printing is happening. The public must realise the burden on them by the state paid persons. Reducing the payments made to military man is at least a start - they are least useful of state paid persons.

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Customs on path to reach revenue target of Rs.715bn this year

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