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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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Treasury owes Rs.108 b to senior citizen deposits
Sri Lanka's Treasury owes Rs. 108 billion to banks for higher interest rates on senior citizen deposits, terminated during the economic crisis. Dr. Ranjith Siyambalapitiya, State Minis...
2024-04-26
The Morning
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Sri Lanka’s debt negotiations stall over GDP growth projections and repayment terms – Nishan de Mel
In a recent televised interview, Nishan de Mel, the Executive Director of Verité Research, highlighted the significant concerns raised by holders of Sri Lanka’s International Sovereign Bonds (ISBs) regarding the country's de...
2024-04-20
The Island
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Hopeful of Sri Lanka ISB restructuring deal despite ‘some setbacks’: IMF Official
Krishna Srinivasan, Director of the Asia and Pacific Department at the International Monetary Fund, has expressed optimism regarding the prospect of a deal with Sri Lanka’s sovereign bond holders, despite encountering "some setbac...
2024-04-19
Economy Next
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Bondholders’ agreement delay won’t hinder IMF third tranche payout: Dr. Coomaraswamy
Former Central Bank Governor Dr. Indrajit Coomaraswamy expressed optimism regarding the disbursement of the third tranche of the IMF's $3 billion bailout package for Sri Lanka, despite potential delays in reaching an agreement with priva...
2024-04-19
Daily Mirror
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Govt. gazettes revised Sri Lanka Electricity Bill
The Sri Lanka Electricity Bill, recently published in the gazette and set for presentation to Parliament by Power and Energy Minister Kanchana Wijesekera, marks a crucial step towards reforming the country's electricity...
2024-04-19
Daily FT
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