Sri Lanka Customs achieve 60% of set target so far: State Finance Minister

Wednesday, 21 September 2022 00:08 - - {{hitsCtrl.values.hits}}

Says Govt. revenue has dropped from 25% in 1994 to 8% of GDP at present
Insists on importance of reviving State revenue to 15% of GDP

State Finance Minister Ranjith Siyambalapitiya yesterday said Sri Lanka Customs has achieved 60% of the total target of Rs. 715 billion set for this year.

“I am really happy to say that by end of August, 60% of the income has been achieved by the department. It means that we can achieve the Rs. 715 billion set target for this year,” he said during an inspection visit to Sri Lanka Customs yesterday.

This was the first official visit he made after assuming duties as the State Finance Minister.

“In 1994, State revenue was about 25% of the gross domestic product (GDP). It has come down to 8% of GDP at present. This is why we are in this economic crisis today. For example, our total State revenue in 2021 was Rs. 1,464 billion, while the expenditure was Rs. 3,522 billion. The expenditure is 240% against the revenue. “To balance this, we can no longer print money, as it would cause a higher inflation rate. Hence, we all have a collective responsibility to increase Government revenue. We should increase our State revenue from 8% to 15% of the GDP and Sri Lanka Customs as a key institution that collects revenue for the Government has a key role,” he pointed out.

Noting that the country is experiencing the worst economic crisis, he said what should be done is not to look for the culprits, but to take quick measures to save the economy from its peril.

“Everyone is accusing everyone because we are divided politically. But now, we have to change our attitude and work collectively. I have also been a stubborn chap those days, but today I have left every difference aside and think only about the country. I do not see it as a mistake even if it is done arbitrarily,” he added.

Minister Siyambalapitiya also paid special attention to the functions of preparation of goods for export and release of imported goods, as well as the newly established scanning machines to scrutinise any illegal shipments.

Customs Director General Sarath Nonis and a group of senior officials also accompanied the Minister.