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Sri Lanka can collect Rs700bn more from customs duty: FinMin

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Sri Lanka can collect Rs700bn more from customs duty: FinMin

Post by First Guy on Thu Aug 04, 2016 7:43 am

Please note this is not a political topic. Just looking for some details if anyone knows and a good discussion.

What is the story behind this? The minister maybe exaggerating, but if this will help make so much revenue (by eliminating fraud, if any) and if it is worth the investment, isn't it a good thing?

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)

http://economynext.com/Sri_Lanka_can_collect_Rs700bn_more_from_customs_duty__FinMin-3-5761-1.html
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Re: Sri Lanka can collect Rs700bn more from customs duty: FinMin

Post by balapas on Thu Aug 04, 2016 11:12 am

Undervaluation of goods happen big time at the customs when imports happen. I have a friend who has a hardware business. He tells me some of the products he gets down are sold lower than the import cost by some in trade heavy areas like Maradana. Simple reason is they undervalue the goods, pay custom officials a bribe and still can undercut the market. Not only hardware most items are done this way.

Implementing this scanner is a good idea as long as who are operating are genuine. Govt will get good revenue. Custom officials has opposed according to the article since they are millionaires taking bribes. Further businessman too will definitely not like this. Only can wait and see whether it will get implemented properly. RK may himself take some huge bribes to stop this Very Happy Very Happy

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Re: Sri Lanka can collect Rs700bn more from customs duty: FinMin

Post by Ethical Trader on Thu Aug 04, 2016 12:04 pm

Unfortunately, Sri Lanka had been at the hands of several mafia such as Customs, CEB engineers, RMV who do not favor any new reforms for the benefit of the country. If these places could be cleaned treasury will get lots of funds.
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