According to the Logistics Performance Index compiled by the World Bank, Sri Lanka has moved up 11 places to 79 in 2018 compared to that a decade ago.
Furthermore, in the Index of Burden of Customs Procedures , Sri Lanka has moved up about 6 %, by cutting down cumbersome procedures involving trading goods which are imported and exported, Eran Wickramaratne, State Minister Finance & Mass Media told the International Customs Day celebration event held in Colombo on Monday.
The Department of Customs in Sri Lanka has improved in certain areas which is evident with the statistics, he said. Similarly there were several public private partnership projects underway to maximize efficiency within the Department of Customs by using the know-how of private institutions. The Minister said that the Department of Customs was responsible for more than 60% of the tax revenues of the country, making it the largest revenue collector.
In the last two years there have been efforts to increase domestic tax revenue by improving the quantity and quality of state provided services. Although imports have grown Customs revenue particularly in the last period has not grown in the same space. “I expect to see at least a 20% increase in customs revenue as a minimum target in 2019.” He said the rupee depreciation would also help in that context.
The minister said this year Sri Lanka has the highest level of debt payments. He therefore reiterated the importance of achieving the targets of tax revenue to improve the fiscal position of the country.
Wickramaratne said he was certain the Customs Department will continue to improve the quality and efficiency of its services and adopt state of the art technology which will really help Sri Lanka.
0 comments: