October, 26, 2018
Sri Lanka Customs (SLC) the country’s largest revenue earning state body has been able to secure a tax revenue of Rs. 918.59 billion, contributing 55% of the total government tax revenue of Rs.1, 670.17 billion, the lately released annual report for 2017 highlights.
Accordingly Director General P.S.M. Charles in her review points out that despite the slowdown in International Trade in 2017, the revenue collection by SLC in 2017, is 10.2% more than the revenue collected in 2016.
“SLC was able to accomplish such an achievement due to the adoption of international best practices and effective control initiatives recommended by the World Customs Organization (WCO) in both enforcement and facilitation domains” she points out. According to her encompass automation of customs processes and the introduction of Risk Based Examination criterions had further helped to achieve the revenue targets, whilst, SLC had been able to achieve twin aims of securing due state revenue and providing effective trade facilitation measures, reducing throughput times and increasing predictability which induced an increase of compliance ratios.
- Reporting by Devendra Francis
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