New Customs office to generate more revenue
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
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.