Annual Report 2008 - Ministry of Finance and Planning

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4. Reform Initiatives 192 TERMS OF REFERENCE – PRESIDENTIAL COMMISSION ON TAXATION • Propose reform initiatives to be implemented to bring about more transparency in the tax system through greater coordination between different revenue administration institutions such as the Inland Revenue Department, Sri Lanka Customs and the Board of Investment and suggest how such institutions and other investment promoting institutions such as the Export Development Board and the Industrial Development Board could be harmonized to augment revenue, while also proposing desirable changes to the associated legal framework to facilitate this process. • Study the adequacy of skills involved in tax administration in the backdrop of major challenges associated with revenue collection efforts, while recognizing gaps, lapses or anomalies relating to procedural and internal controls that have left room for possible malpractices and abuses, and propose desirable institutional and capacity building measures to overcome such drawbacks. • Study the extent to which Information Technology is being used to facilitate revenue collection efforts and propose as to how best Information Technology could be used to link revenue collection agencies and investment promotion agencies to enhance efficiency and bring about a compliant and taxpayer friendly investment climate. • Propose as to how the relationship between the Ministry of Finance and Planning (MOFP) and the IRD, CD and ED could be strengthened in terms of policy formulation, implementation and performance review, while ensuring that the MOFP could perform an effective supervisory control in discharging its duties in terms of the Constitution, while also facilitating effective functioning of the 3 departments. ‘MATHATA THITHA’ In line with ‘Mahinda Chinthana’ policy framework which promotes Mathata Thitha – A Stop to Liquor Consumption, the Excise Department has adopted an approach that discourages liquor consumption, despite related adverse impact on revenue. In this backdrop, several programs have been initiated since 2005 to reduce liquor consumption. Regular upward revisions of excise duties are imposed on liquor in order to discourage consumption. Further, issue of new excise licenses have also been curtailed and such licenses are generally issued only to Tourist Board approved hotels. chart 4.1 As can be seen from the following Table, although there had been a 4 per cent increase of hard liquor production in 2007 over 2006, it has reduced by 2 per cent in 2008 over 2007. Although a decrease in hard liquor production can be seen in 2008, the soft liquor production has increased by 15 per cent. However, the annual total excise revenue increase as a percentage has dropped from 25 per cent in 2004 to 14 percent in 2008 reflecting an overall declining revenue trend. Year Table 4.5 Annual Hard Liquor Production Hard Liquor Production proof Ltrs - Million Increase 2003 32.0 - 2004 34.5 8 2005 38.5 11 2006 45.4 18 2007 47.2 4 2008 45.72 -2 % Source; Department of Excise Ministry of Finance and Planning Sri Lanka Annual Report 2008
4. Reform Initiatives 193 Table 4.6 Annual Soft Liquor Production chart 4.2 Year Beer Production Increase Proof Ltr % Million 2003 47.8 - 2004 48.3 1 2005 51.5 6 2006 46.9 (9) 2007 49.7 6 2008 57.3 15 Source; Department of Excise Table 4.7 Excise Revenue Year Hard Liquor Beer Total Increase Tax Tax Revenue Increase % Increase % % Rs. Mn. Rs. Mn. Rs..Mn. 2003 10,068 - 950 - 11,018 - 2004 12,444 23 1,401 47 13,845 25 2005 14,500 16 1,820 29 16,320 18 2006 18,633 28 2,108 15 20,741 27 2007 21,544 15 2,336 11 23,880 15 2008 24,292 12 2,972 27 27,264 14 Source; Department of Excise Ministry of Finance and Planning Sri Lanka Annual Report 2008
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2008 Annual Report Ministry of Fina
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2 This Report is Published in terms
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4 Heads of Treasury Departments (as
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6 Heads of Statutory Boards / State
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8 Contents Chapter 1 - Macro Econom
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10 Contents Contd. Table 3.9 - Key
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12 Contents Contd. Table 7.8 - Valu
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14 Contents Contd. Chart 3.1 - Accu
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16 Sri Lanka at a Glance - 2008 KEY
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18 Sri Lanka at a Glance - 2008 Con
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1. Macro Economic Perspectives 20 E
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1. Macro Economic Perspectives 22 T
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1. Macro Economic Perspectives 24 O
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1. Macro Economic Perspectives 38 B
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1. Macro Economic Perspectives 42 L
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1. Macro Economic Perspectives 44 i
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2. Fiscal Developments - 2008 46 An
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2. Fiscal Developments - 2008 48 Ta
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2. Fiscal Developments - 2008 134 D
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138 Ministry of Finance and Plannin
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3. Performance of Public Enterprise
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6. A Sectoral Perspective 242 Shift
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6. A Sectoral Perspective 254 Box 6
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6. A Sectoral Perspective 256 Distr
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7. Development Finance 260 An Overv
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7. Development Finance 262 Table 7.
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7. Development Finance 264 Krushi N
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7. Development Finance 270 Chart 7.
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7. Development Finance 278 SMERDP N
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7. Development Finance 280 (RFSDP)
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7. Development Finance 282 • Pape
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8. Financial Statements - 2008 286
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328 8. Financial Statements - 2008
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