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VAT to drive revenue growth in 2024
Sri Lankan budgets have consistently overestimated the capacity to raise revenue. Therefore, it is prudent to examine from where the 45% increase in revenue is expected. The chart above shows that more than half the increase (56%) is expected from increasing the VAT rate and reducing exemptions on it. In short, the country expects to make more organisations pay a higher rate of VAT for a larger set of goods and services.
Featured Insight
VAT to drive revenue growth in 2024
Sri Lankan budgets have consistently overestimated the capacity to raise revenue. Therefore, it is prudent to examine from where the 45% increase in revenue is expected. The chart above shows that more than half the increase (56%) is expected from increasing the VAT rate and reducing exemptions on it. In short, the country expects to make more organisations pay a higher rate of VAT for a larger set of goods and services.
Featured Insight
VAT to drive revenue growth in 2024
Sri Lankan budgets have consistently overestimated the capacity to raise revenue. Therefore, it is prudent to examine from where the 45% increase in revenue is expected. The chart above shows that more than half the increase (56%) is expected from increasing the VAT rate and reducing exemptions on it. In short, the country expects to make more organisations pay a higher rate of VAT for a larger set of goods and services.
Featured Insight
VAT to drive revenue growth in 2024
Sri Lankan budgets have consistently overestimated the capacity to raise revenue. Therefore, it is prudent to examine from where the 45% increase in revenue is expected. The chart above shows that more than half the increase (56%) is expected from increasing the VAT rate and reducing exemptions on it. In short, the country expects to make more organisations pay a higher rate of VAT for a larger set of goods and services.
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Sri Lanka annual GDP growth projected to be around 4.5% – 5 % in 2024
Sri Lanka's 2024 economic outlook shows 4.5%-5% GDP growth, rising inflation, stabilized interest rates boosting private sector credit, and strengthened external resilience through tourism earnings, remittances, and...
2024-11-28
Daily News
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US announces $6 million in emergency assistance to SL
The United States announced today that it will provide US$6 million in emergency assistance to address the needs of marginalized and vulnerable communities impacted by Sri Lanka’s economic crisis.
2022-06-17
Daily Mirror
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Cabinet gives approval for 2.5% Social Security Contribution Levy
The Cabinet Ministers cleared a bill to introduce a 2.5% social security contribution levy in the budget of 2022 on firms having an annual turnover of more than Rs. 120 million.
2022-06-15
Daily Mirror
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India likely to extend additional USD 500 mn Credit Line to import fuel
Sri Lanka has sought an additional USD 500 million Credit Line from India to import fuel.
2022-06-14
Daily News
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China’s US$74 rice grant to reach Sri Lanka by end June
China’s embassy in Sri Lanka said the first two shipments of a 500 million yuan (74 million US dollar) grant of rice will reach the island’s shores on June 25 and June 30.
2022-06-14
Economy Next
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