New Customs office to generate more revenue

Harshini PERERA

A well equipped office complex for the Department of Customs will be completed this year and the new office is expected to generate more revenue for the department, State Revenue, State Finance Minister and Finance and Planning Deputy Minister, Ranjith Siyambalapitiya told Daily News Business.

Although Sri Lanka is in the midst of the global economic recession that directly affects us, the country still has to function though it ended the three-decade old

war. Therefore, the public should pay their taxes promptly to support the development activities in the country.

Sri Lanka depends largely on the taxes paid by the citizens - 90 percent at present. The taxes include tariff and duties. If any country needs to increase its national income, the easiest way is to increase taxes. The Government is not taking any decision to increase taxes.

Instead the Government will encourage non-taxpayers to pay taxes for the benefit of the country. They were given several concessions and privileges as an encouragement.

They will be provided with Gold cards that they can use to fly in the VIP category under the loyalty scheme program. Infrastructure facilities such as car parks will be introduced to encourage taxpayers, he said.

He said that the Tax Commission was introduced and many tax officers were deployed to encourage taxpayers. Taxpayers too are also included as members of the Tax Commission.

Documentation as a preparation for the next budget is also carried out through the Tax Commission. Anyone can get information on how to pay taxes and there is no need to fear paying taxes.

The Banking Act is a timely need and it will be introduced and updated in keeping with the needs. It will include new regulations relating to credit cards and computer software. The Monetary Act will also be updated, he said.

“People should be alert over bogus financial companies. The Central Bank of Sri Lanka has taken several initiatives to educate the public through advertisements about registered finance companies. People should be well aware of the finance companies before they deposit their money in them,” he said.

He said that the International Monetary Fund (IMF) stand-by loan was given to Sri Lanka with the approval of 182 representative countries. The IMF loan will be a stimulant to the development program the Government has initiated and on the other hand it will attract the Diaspora who have been looking forward to invest in Sri Lanka. Therefore, it was not given merely to settle debts. More investments reaching Sri Lanka will enhance people’s income and provide opportunities for employment.