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What Caused the Rise in Tax Revenue from 2021 to 2022?
In the Central Bank's Annual Report for 2022, the government's revenues witnessed a notable surge of 38%, soaring from Rs 1,484 billion to Rs 2,013 billion. A closer examination of the revenue breakdown reveals that a substantial portion of this growth stems from increments in Value Added Tax (VAT), Personal Income Tax and Corporate Tax, which experienced respective increments of Rs 155 billion and Rs 212 billion. Improving fiscal consolidation will be of paramount importance as Sri Lanka advances in its IMF program.
Featured Insight
What Caused the Rise in Tax Revenue from 2021 to 2022?
In the Central Bank's Annual Report for 2022, the government's revenues witnessed a notable surge of 38%, soaring from Rs 1,484 billion to Rs 2,013 billion. A closer examination of the revenue breakdown reveals that a substantial portion of this growth stems from increments in Value Added Tax (VAT), Personal Income Tax and Corporate Tax, which experienced respective increments of Rs 155 billion and Rs 212 billion. Improving fiscal consolidation will be of paramount importance as Sri Lanka advances in its IMF program.
Featured Insight
What Caused the Rise in Tax Revenue from 2021 to 2022?
In the Central Bank's Annual Report for 2022, the government's revenues witnessed a notable surge of 38%, soaring from Rs 1,484 billion to Rs 2,013 billion. A closer examination of the revenue breakdown reveals that a substantial portion of this growth stems from increments in Value Added Tax (VAT), Personal Income Tax and Corporate Tax, which experienced respective increments of Rs 155 billion and Rs 212 billion. Improving fiscal consolidation will be of paramount importance as Sri Lanka advances in its IMF program.
Featured Insight
What Caused the Rise in Tax Revenue from 2021 to 2022?
In the Central Bank's Annual Report for 2022, the government's revenues witnessed a notable surge of 38%, soaring from Rs 1,484 billion to Rs 2,013 billion. A closer examination of the revenue breakdown reveals that a substantial portion of this growth stems from increments in Value Added Tax (VAT), Personal Income Tax and Corporate Tax, which experienced respective increments of Rs 155 billion and Rs 212 billion. Improving fiscal consolidation will be of paramount importance as Sri Lanka advances in its IMF program.
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Revenue
Insights and analysis of government revenue.
Earnings from Tourism: Are we getting it right?
Sri Lanka is expecting the earnings from tourism to play a significant role in driving the recovery of Sri Lanka’s foreign currency. However, there are important concerns accuracy of the estimated earnings from tourism....
From The PF Wire
Source:
DailyFT
Mixed trends in manufacturing and service sectors...
The manufacturing sector displays subdued performance across all sub-indices, particularly affecting the textile and apparel segment due to a lack of new orders. Conversely, the service sector showcases promising trends with increased new bu...
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Source:
Ceylon Today
SL revenue at 8.3%, 3rd lowest – IMF
According to an IMF study released on Tuesday (11 October), Sri Lanka (SL), with an estimated revenue collection equivalent to 8.3 per cent of GDP last year (2021), has the third lowest revenue collection among 40 ‘Emerging Market and...
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Source:
Daily Mirror
January-July remittance income plummets 50%
July remittance income at US$ 279.5 mn. slightly up from June, but down from US$ 453.3 mn a year ago. Cumulative figure for the seven-month period down 50% YoY to US$ 1.8bn.
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Insight on Revenue
The budget deficit has increased in 2019...
The recently released figures for 2019 show that government revenue ha...
Consistent revenue shortfalls lead to mo...
The deviation in government revenue from...
Changes in Special Commodity Levy (SCL)...
On 22 May 2020, Sri Lanka made changes to...
Cigarette Taxes: The cost of failure
The Government proposed a policy to syste...
Cigarette Taxation: 20 Billion Extra Rev...
The Government could raise an extra Rs. 2...
Sri Lanka’s Fiscal Outlook 2020
The International Monterey Fund estimates...
Tax Revenue Categories
How could COVID-19 affect government reve...
Overestimations in Revenue Expectations
Governments have consistently overestimated revenue and thes...
Cigarette Tax Indexation: Getting it Rig...
The indexation method introduced in 2019...
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Featured
Sri Lanka Met 33 IMF Commitments and failed 8 by e...
Sri Lanka had verifiably met 33 of the trackable programme commitments of the International Monetary Fund (IMF) programme as at the end of June 2023 but had failed eight, according to the ‘IMF Tracker', an online tool lau...
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Is Maldives going down Sri Lanka's path?: Concern...
The graphs below depict the Primary Balances and budget balances as a percentage of GDP for Maldives and Sri Lanka. Besides 2017 and 2018, Sri Lanka’s annual Primary Balance has consistently been a deficit with 2021 reporting the large...
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Is Sri Lanka Addicted to Missing Revenue Targets?
This article was compiled by Dr. Nishan de Mel. Dr. Nishan de Mel is the Executive Director of Verité Research and an economist with extensive acade...
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