The prudent economic decisions taken and executed in 2023 have paved the way for Sri Lankan recovery from the economic downturn of 2022, said President Ranil Wickremesinghe during the International Customs Day celebrations at the Colombo Customs Headquarters on Friday.
He said that this recovery journey is on-going and current crucial initiatives are being taken to steer the country out of the economic crisis.
“By the end of this year, our aim is to elevate the country’s income to 12 percent of the GDP. By 2026, we target a further increase to 15 percent.”
To achieve this, income must be generated from the existingeconomy, necessitating economic development. The pressing question today is how to facilitate this economic growth. The outdated economic system is incapable of propelling the country forward.
“The reliance on daily loans led to the collapse of the country’s economy. It is imperative to overhaul this economic system for sustainable progress.”
“To stimulate economic growth, we must focus on a competitive market, bolster exports, and increase foreign exchange reserves.”
Customs duties, VAT and income taxes stand as the three primary sources of income for nations globally. In the contemporary landscape of international trade agreements, regional trade agreements and free trade agreements, our focus should be on enhancing income.
“To achieve this, the current customs services need to operate with efficiency.”
“The Customs Department holds a significant historical position, being considered one of the oldest Government departments in Sri Lanka.
Historical records indicate that customs taxes were collected around 2000 years ago at the ancient port of Manthai.”
“From the Anuradhapura era, through the Kotte era and into the
Kandy era, customs revenue has played a pivotal role in the nation’s existence.”
