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State revenue collection drops by Rs. 120bn in six weeks
View(s):The Government’s revenue collection has dropped by more than Rs 120bn in the past six weeks, a senior Treasury official said.
The Inland Revenue Department, Sri Lanka Customs, the Immigration Department, the Excise Department and the Motor Traffic Department revenue collections have been the worst affected.
“With the return of normalcy, it may be possible to collect some of these revenues, but it will not be possible to recover some of the lost income from the Customs and the Excise Department,” he said.
The Treasury, in addition, had been compelled to pay out Rs 8 billion as salaries for employees of some of the state institutions which usually pay salaries from their own revenue collection, he said.
In addition, the Ceylon Petroleum Corporation’s revenue also has dropped due to a 40 percent drop in fuel consumption while the electricity consumption too has dropped due to the closure of factories.
The CEB’s daily collection which was usually Rs 450 million has dropped to Rs 150 million.