Finance State Minister Dr. Ranjith Siyambalapitiya said the budget deficit has decreased by 63.8 percent in the first five months of this year compared to the first five months of last year.
The State Minister pointed out that there was a budget gap of Rs.1,014 billion rupees in the period up to May 31, 2023.
However, during the same period of this year, the budget gap has been recorded as Rs.366 billion.
He emphasised that the country was able to reach this situation as a result of moving forward through a proper economic action plan.
The State Minister expressed these views as the chief guest at the ceremony organised by the Customs Department for the awarding of certificates to authorised economic operators.
The certificates were awarded to 31 leading institutions in Sri Lanka to enable them to carry out their import and export activities without Customs inspections.
Those institutions have been given the opportunity to obtain this certificate after many years of supervision of their import and export activities.
State Minister Siyambalapitiya emphasised that the Sri Lankan Customs will make a special contribution to the country’s economy by meeting the revenue targets given by the government at all times.
He mentioned that they have already managed to record an income of Rs.708 billion out of the Rs.1,537 billion revenue target given in 2024.
He further stated that it is special to be able to successfully reach those revenue targets in a situation where the import of vehicles, which is the main source of revenue for Customs, has been temporarily suspended.
The State Minister emphasised that of the total revenue of Rs.923 billion Rs.204 billion or 22 percent was obtained from vehicle imports in 2018 when vehicles were imported to the country last in 2018.
He added that 16 percent of the total income of 2019 totalling Rs.130 billion has been obtained from vehicle imports.
(Daily News)
