DailyMirror:
The Customs Department has failed to collect Rs. 84 billion of its target revenue of Rs. 401 billion last year due to various reasons, Parliament was informed recently.
According to the performance report of the year 2009, Sri Lanka Customs had targeted to collect the highest amount of Rs. 99 billion in terms of VAT, but it had fallen short of Rs. 32 billion during the period.
In terms of import duty, there was a shortfall of Rs. 9 billion. The Customs have also been unable to collect Rs. 14 billion by way of Excise Tax- Motor vehicles, Rs.869 million by way of Special Commodity Levy and Rs. 4 billion by way of Cess Levy-Import.
Also, during the year, the Sri Lanka Customs had waived duty worth Rs. 91.7 million for the import of vehicles under special government circulars for the use of public servants, provincial councillors and the Foreign Ministry.
Duty revenue forgone for concessions on essential items was Rs.1.3 billion. Last year, the government had granted a duty waiver of Rs. 3.1 billion to the Lanka Indian Oil Company and Rs. 4.9 billion to the Ceylon Petroleum Corporation.