Wednesday , September 11 2019
Breaking News
Home / International Customs / Sri Lanka / Govt. losing 20% revenue due to Customs leakages: Treasury
Govt. losing 20% revenue due to Customs leakages: Treasury
Workers direct the loading onto the MSC Tokyo cargo ship of a container of rice, part of a donation of 1,000 tonnes from the Brazilian government to the people of Sri Lanka, at Rio Grande Port in southern Brazil, January 25, 2012. From Turkey to Brazil, India to Saudi Arabia, a growning number of non-western donors are bringing fresh funds, a different mindset and their own experience of managing natural disasters to the global humanitarian aid scene. Picture taken January 25, 2012. To match feature DISASTERS-NEWDONORS/ REUTERS/Andres Stapff (BRAZIL - Tags: BUSINESS POLITICS SOCIETY)

Govt. losing 20% revenue due to Customs leakages: Treasury

The government is estimated to be losing nearly 20 percent revenue from Sri Lanka Customs (SLC) due to various revenue leakages, according to the Treasury.
A senior Treasury official revealed that under-invoicing, under-valuation and misclassification have been identified as main reasons for revenue leakages from the SLC.
He noted that SLC officials cannot be solely blamed as the private sector too is looking for every possible loophole to evade taxes.

He further pointed out that it has become almost impossible to identify these leakages due to the un-systematic manner of industrial development in the country.

However, speaking of vehicle imports, he noted that the government was able to arrest revenue leakages by introducing a unit-based duty mechanism. Finance Minister Mangala Samaraweera earlier this year pointed out that revenue leakages at SLC as the main reason for SLC failing to meet its 2018 target of Rs.1, 068 billion.