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DateLine Tuesday, 3 March 2009

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Customs imports income declines

The biggest money spinner for Government coffers are Income Tax, Customs and Excise.

However the income generation of the customs had come down due to the declining trend in imports since people are not interested in imported items, said Minister of Public Administration and Home Affairs Dr. Sarath Amunugama.


Minister of Public Administration and Home Affairs Sarath Amunugama addressing the Business Community

The Minister was addressing the ceremony held to launch a book titled “Key persons’ Forum Collection of Speeches 2008” recently.

The book was presented by the Country Representative of Friedrich Nauman Foundation Sagarika Delgoda and the event was organised jointly by the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) and Small and Medium Enterprise Developers (SMED).

The financial institutions such as the Public Accounts Committee and the Committee of Public Enterprises (COPE) are in place to deal with financial matters of the Government.

But there is strong criticism that these institutions are dealing with late exercises or in other words post mortem exercises.

Therefore, what the critics say is that these committees are of less value, the Minister said.

One of the solutions for this type of problems is establishing consultative committees.

These committees consist of representatives from all parties.

These committees go through especially on supplementary estimates before presenting them to Parliament for debate, he said.

He said that although the Finance Ministers present budgets in Parliament they are unable to predict what changes would take place in the world economy in the forthcoming year. No one can say whether oil prices would come down or go up.

Therefore, the Finance Minister is not only in an complex position but also in an indefinite position. That is why the hedging issues or miscalculation problems arise.

The Minister pledged to extend the fullest support for the business community when they need his assistance.

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