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The Investor Sentiment - Equity and investments forum for Sri Lankans

The Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSEThe Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSE

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Latest topics

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» Dividend Announcements
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyWed Apr 12, 2023 5:41 pm by කිත්සිරි ද සිල්වා

» MAINTENANCE NOTICE / නඩත්තු දැනුම්දීම
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Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptySun Apr 02, 2023 7:28 am by කිත්සිරි ද සිල්වා

» SEYB.N0000 (Seylan Bank PLC)
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» The Korean Way !
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» In the Meantime Within Our Shores!
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» THE LANKA HOSPITALS CORPORATION PLC (LHCL.N0000)
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» COMB.N0000 (Commercial Bank of Ceylon PLC)
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» REXP.N0000 (Richard Pieris Exports PLC)
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» RICH.N0000 (Richard Pieris and Company PLC)
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» Do You Have Computer Vision Syndrome?
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» LAXAPANA BATTERIES PLC (LITE.N0000)
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» What a Bank Run ?
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» 104 Technical trading experiments by HUNTER
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» AHPL.N0000
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» TJL.N0000 (Tee Jey Lanka PLC.)
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» CTBL.N0000 ( CEYLON TEA BROKERS PLC)
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» COMMERCIAL DEVELOPMENT COMPANY PLC (COMD. N.0000))
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» NTB.N0000 (Nations Trust Bank PLC)
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» When Seagulls Follow the Trawler
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyThu Mar 02, 2023 10:22 am by කිත්සිරි ද සිල්වා

» Re-activating
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptySat Feb 25, 2023 5:12 pm by කිත්සිරි ද සිල්වා

» අපි තමයි හොඳටම කරේ !
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyTue Feb 14, 2023 3:54 pm by ruwan326

» මේ අර් බුධය කිසිසේත්ම මා විසින් නිර්මාණය කල එකක් නොවේ
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» SAMP.N0000 (Sampath Bank PLC)
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyWed Nov 30, 2022 8:24 am by කිත්සිරි ද සිල්වා

» APLA.N0000 (ACL Plastics PLC)
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyFri Nov 18, 2022 7:49 am by කිත්සිරි ද සිල්වා

» AVOID FALLING INTO ALLURING WEEKEND FAMILY PACKAGES.
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyWed Nov 16, 2022 9:28 pm by කිත්සිරි ද සිල්වා

» Banks, Finance & Insurance Sector Chart
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyTue Nov 15, 2022 5:26 pm by කිත්සිරි ද සිල්වා

» VPEL.N0000 (Vallibel Power Erathna PLC)
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptySun Nov 13, 2022 12:15 pm by කිත්සිරි ද සිල්වා

» DEADLY COCKTAIL OF ISLAND MENTALITY AND PARANOID PERSONALITY DISORDER MIX.
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyMon Nov 07, 2022 6:36 pm by කිත්සිරි ද සිල්වා

» WATA - Watawala
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptySat Nov 05, 2022 8:44 am by කිත්සිරි ද සිල්වා

» KFP.N0000(Keels Food Products PLC)
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptySat Nov 05, 2022 8:42 am by කිත්සිරි ද සිල්වා

» Capital Trust Broker in difficulty?
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyFri Oct 21, 2022 5:25 pm by කිත්සිරි ද සිල්වා

» IS PIRATING INTELLECTUAL PROPERTY A BOON OR BANE?
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyThu Oct 20, 2022 10:13 am by කිත්සිරි ද සිල්වා

» What Industry Would You Choose to Focus?
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyTue Oct 11, 2022 6:39 pm by කිත්සිරි ද සිල්වා

» Should I Stick Around, or Should I Follow Others' Lead?
Sri Lanka can collect Rs700bn more from customs duty: FinMin EmptyTue Oct 11, 2022 9:07 am by කිත්සිරි ද සිල්වා

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3 posters

    Sri Lanka can collect Rs700bn more from customs duty: FinMin

    First Guy
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    Sri Lanka can collect Rs700bn more from customs duty: FinMin Empty Sri Lanka can collect Rs700bn more from customs duty: FinMin

    Post by First Guy 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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    balapas
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    Sri Lanka can collect Rs700bn more from customs duty: FinMin Empty Re: Sri Lanka can collect Rs700bn more from customs duty: FinMin

    Post by balapas 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
    Ethical Trader
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    Post by Ethical Trader 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.

      Current date/time is Fri Jul 19, 2024 6:18 pm