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06 January, 2016 09:31 AM Source: Financial Times - Sri Lanka
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The Ministry of Finance has set a revenue collection target of Rs. 886 billion for the Sri Lanka Customs for 2016.

Out of the set target, Rs.125 billion is expected to be generated via import tax, Rs.280 billion from vehicle import duties, Rs.95billion from port and airport development levy (PAL), Rs.85 billion from excise duties, Rs.75 billion from value added tax (VAT), Rs.65 billion from special commodity levy (SCL) and Rs.54 billion via import cess levy.

The Sri Lanka Customs said the set target of Rs.886 billion consists of Rs.869 billion in cash collections while the balance Rs.17 billion will bethrough cross entries between Government institutions.

In 2015, the tax revenue collected by Sri Lanka Customs amounted to Rs.714 billion in cash, an increase of 25% compared to 2014 revenue collection of Rs.533 billion.

According to the provincial figures of Sri Lanka Customs, around one third of revenue was generated through vehicle import duties, which stood at Rs.229 billion in 2015. The balance was generated from imports Rs.108 billion, PAL Rs.55 billion, excise duty Rs.79 billion, SCL Rs.52 billion and import cesslevyRs.42 billion.

“Our target this year is to have revenue increased up to Rs. 953 billion.The total estimated income of the Government this year is Rs.2,004 billion of which 50% is expected to be from the Customs, while the balance is expected to be generated through Inland Revenue and Excise Departments,” Finance Minister Ravi Karunanayake said at an event held at Sri Lanka Customs.

Noting that the Government had presented a revolutionary Budget he explained that it is now time to implement those proposals.

“As a nation we gained independence many moons ago, but we are yet to gain true economic independence. Therefore, our aim now is to grant economic independence for all the people in the country,” the Minister added.

Sri Lanka Customs Chief Financial Officer D.U.S. Wickramaarachchi told the Daily FT that the target given by the Finance Ministry for 2015 had been achieved by the department.

- See more at: http://www.ft.lk/article/516771/Finance-Ministry-assigns-Customs-Rs-886b-revenue-target-for-2016#sthash.bwfMYemE.dpuf

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