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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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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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USAID to provide US$ 60 Mn assistance
Visiting USAID Administrator Samantha Power yesterday announced US$ 20 million in Humanitarian Assistance to Sri Lanka in addition to the US$ 40 million assistance to farmers announced on Saturday increasing the total allocation to the count...
2022-09-12
Daily News
மேலும் வாசிக்க
Sri Lanka needs responsible borrowing, China co-operation on debt: US
China should co-operate with Sri Lanka’s debt re-structuring while the country should engage in responsible borrowings in the future, United State Agency for International Development Chief Samantha Power said.
2022-09-12
Economy Next
மேலும் வாசிக்க
Govt. earmarking 10 SOEs for liquidation
The government will soon roll out a special scheme for salvaging loss- making State-Owned Enterprises (SOEs) via restructuring or privatisation opening up its management or ownership while liquidating failing institutions with insolvency iss...
2022-09-11
The Sunday Times
மேலும் வாசிக்க
Govt. signs $ 203 m loan with ADB, JFPR for food security and livelihood recovery
The Asian Development Bank (ADB) and the Government yesterday signed loan agreements for $ 200 million to finance the implementation of Food Security and Livelihood Recovery Emergency Assistance Project. The project aims to ensu...
2022-09-10
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