DILI, 04 november 2022 (TATOLI)—The Ministry of Finance (MF) reports that the Customs Authority (CA) during 10 months from January to October this year has collected $75.3 million in state revenues.
According to a statement seen by Tatoli, stated that the budget exceeded CA’s revenue in 2021 by a total of $67.9 million. According to CA’s estimates, by this year’s completion, it is likely to reach $90 million.
“The majority of this revenue contributes from source from entry points such as ports, airports, Batugade (Bobonaro) and Salele (Covalima) land borders,” the statement said.
He explained, with the change from the Port of Dili to the Port of Tibar, provided better service conditions for CA to contribute to domestic revenue for the state to reduce dependence on the Petroleum Fund.
The operation of the Tibar Port began on September 30 to further facilitate the movement of imports and exports of goods with a container load capacity of up to one million per year.
The new port can minimize the time to issue containers including transaction costs to more efficiently facilitate CA services and trading activities.
All of these facilities are considered by MF as the beginning of Tax Reform and Public Finance Management, as well as helping MF to collect revenue in a faster, fairer, and more transparent way.
Currently, MF has implemented the Politics of Tax Reform and Public Finance Management, in early 2023, the Government will come forward with new laws (Laws) such as the Tax Law, Value Added Tax Law, State Treasury Bills (T-Bills), and tax instruments other.
In addition, in the 2023 General State Budget proposal which will be discussed at the beginning of this month, the Government submitted to the National Parliament to increase the import tax from 2.5% to 5% and other selective taxes.
This submission is to provide an opportunity for CA and the Tax Authority (AT) to increase domestic revenues, eliminate tax evasion and increase efficiency in the collection of administrative revenues.
Journalist: José Belarmino De Sá
Editor: Nelia B.
