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Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyToday at 8:30 pm by nihal123

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Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyToday at 3:53 pm by Backstage

» නොතේරෙන කමට කරපු මෝඩ වැඩේ....
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyYesterday at 8:41 pm by Backstage

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Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyFri Feb 21, 2020 8:53 pm by nihal123

» SAMP.N0000 (Sampath Bank PLC)
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyThu Feb 20, 2020 6:47 pm by NIRMALSG

» Huge transactions expected to boost CSE in near future’
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyThu Feb 20, 2020 12:45 pm by Backstage

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Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyThu Feb 20, 2020 9:57 am by nuwanmja

» Happy Birthday
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyThu Feb 20, 2020 9:21 am by nuwanmja

» Thought for the day...
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyThu Feb 20, 2020 12:01 am by sashimaal

» Gota's Era
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyWed Feb 19, 2020 1:04 pm by කිත්සිරි ද සිල්වා

» හොදට තිබුණ රටක්
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyWed Feb 19, 2020 9:46 am by කිත්සිරි ද සිල්වා

» In the Meantime, Within Our Shores !
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyMon Feb 17, 2020 12:40 pm by කිත්සිරි ද සිල්වා

» How does the stock market work?
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyMon Feb 17, 2020 11:07 am by කිත්සිරි ද සිල්වා

» An ex-businessman, now bankrupt,
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptySun Feb 16, 2020 9:24 pm by Backstage

» Oil, Gold & Silver Prices
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyThu Feb 13, 2020 1:50 pm by කිත්සිරි ද සිල්වා

» ආර්ථික වර්ධන වේගය – දකුණු ආසියාවේ රටවල් 8කින් ශ්‍රී ලංකාව 6 වැනි තැනට
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyWed Feb 12, 2020 11:47 pm by nihal123

» LOLC Holdings
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyWed Feb 12, 2020 6:19 pm by NIRMALSG

» චීනය කොරෝනා මරණ සංඛ්‍යාව ගැන සැබෑ තතු සඟවන බවට තොරතුරු හෙළිවේ
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyThu Feb 06, 2020 8:33 pm by nihal123

» VPEL.N0000 (Vallibel Power Erathna PLC)
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyThu Feb 06, 2020 11:29 am by කිත්සිරි ද සිල්වා

» Obituary Notice.
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyThu Feb 06, 2020 10:47 am by කිත්සිරි ද සිල්වා

» IOC පිරවුම්හල් හිමියන් පාරට බසී. මිල සමාන කරන්නැයි ඉල්ලයි
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyThu Feb 06, 2020 10:37 am by කිත්සිරි ද සිල්වා

» කොරෝනා වෛරසය හමුවේ ලෝක වෙළෙඳපොළේ තෙල් මිල සීඝ්‍රයෙන් පහළට
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyWed Feb 05, 2020 11:15 am by nihal123

» 2013 දී ශ්‍රී ලංකන් ගුවන් සේවයේ ඉහළ නිලධාරී බිරිඳකට ඩොලර් මිලියන 2ක අල්ලසක්
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyTue Feb 04, 2020 12:53 pm by කිත්සිරි ද සිල්වා

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Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyMon Feb 03, 2020 11:16 pm by nihal123

» චීනයේ හුනාන් පළාතේ තවත් වයිරසයක් පැතිරයන බවට අනතුරු ඇඟවීමක්
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyMon Feb 03, 2020 9:15 pm by serene

» ද ෆිනෑන්ස්, අර්ථසාධක අරමුදලේ රු. මිලියන 205 ක් ගිලියි
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyMon Feb 03, 2020 12:29 pm by nihal123

» COMB.N0000 (Commercial Bank of Ceylon PLC)
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptySat Feb 01, 2020 6:16 am by serene

» BPPL Holdings Limited
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyFri Jan 31, 2020 8:41 pm by pathfinder

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Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyFri Jan 31, 2020 8:08 pm by nihal123

» EPF ආයෝජනයට සූදානම්
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyThu Jan 30, 2020 10:13 pm by nihal123

» Man’ who gave birth in Matara hospital says he doesn’t want his baby
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyThu Jan 30, 2020 6:57 pm by Backstage

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Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyThu Jan 30, 2020 10:54 am by nihal123

» Sri Lanka’s EPF bought shares with no approval, no analysis
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyThu Jan 30, 2020 9:35 am by nihal123

» කොරෝනා නිසා ගෝලීය සමාගම් රැසකට බිලියන ගණනක් පාඩුයි
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyWed Jan 29, 2020 10:33 pm by nihal123

» කොටස් වෙළෙඳපොළ සක්‍රීය වෙයි. දෛනික පිරිවැටුම රු. බිලියනය ඉක්මවයි. සියලු කොටස් ඒකක 51කින් ඉහළට
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyWed Jan 29, 2020 10:20 pm by nihal123

» කොරොනා වෛරසයෙන් කොටස් වෙළෙඳපොළට දැඩි බලපෑම්
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyTue Jan 28, 2020 2:39 pm by lanka

» LIOC.N0000 (Lanka IOC PLC)
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyMon Jan 27, 2020 9:48 am by LSE

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Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyFri Jan 24, 2020 7:05 am by nihal123

» අසාදුගත ව්‍යාපාරිකයින්ට රජයෙන් දුන් සහනය මෙන්න
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyFri Jan 24, 2020 6:37 am by nihal123

» සුරැකුම්පත් කොමිසමට නව සභාපතිවරයෙක්
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyWed Jan 22, 2020 10:20 am by lanka

» කොටස් තැරැව්කරුවෝ අගමැති මහින්ද හමුවෙති
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyMon Jan 20, 2020 9:29 pm by nihal123

» SEYB.N0000 (Seylan Bank PLC)
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptySun Jan 12, 2020 10:06 pm by subash

» ශ්‍රී ලංකා කොටස් වෙළෙඳපොළ ඉතිහාසයේ දෙවැනි විශාලතම කොටස් ගනුදෙනුව අද
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyThu Jan 09, 2020 9:59 pm by nihal123

» Hayleys MGT
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyThu Jan 09, 2020 5:40 pm by subash

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Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyThu Jan 09, 2020 10:42 am by The Invisible

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Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyWed Jan 08, 2020 10:48 pm by The Invisible

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Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyWed Jan 08, 2020 10:44 pm by The Invisible

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Sri Lanka can collect Rs700bn more from customs duty: FinMin

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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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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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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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