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Tax revenue misses IMF target in 1st quarter!
According to the 2022 Annual Report from the Ministry of Finance, tax revenue for the first quarter of 2023 experienced a surge of 56%, amounting to LKR 578 billion. This was a increase from the LKR 370 billion collected during the same period in 2022. Despite this growth, the Q1 2023 tax revenue collection fell short of the target set in agreement with the International Monetary Fund (IMF), which was LKR 650 billion, by 11%. Moreover, the tax-to-GDP ratio for the first quarter of 2023 was reported to be 7.9%. This is lower than the annual target of 9.7% agreed upon with the IMF, indicating a gap of 1.8 percentage points that needs to be bridged in order to meet the target agreed upon with the IMF for the year.
Featured Insight
Tax revenue misses IMF target in 1st quarter!
According to the 2022 Annual Report from the Ministry of Finance, tax revenue for the first quarter of 2023 experienced a surge of 56%, amounting to LKR 578 billion. This was a increase from the LKR 370 billion collected during the same period in 2022. Despite this growth, the Q1 2023 tax revenue collection fell short of the target set in agreement with the International Monetary Fund (IMF), which was LKR 650 billion, by 11%. Moreover, the tax-to-GDP ratio for the first quarter of 2023 was reported to be 7.9%. This is lower than the annual target of 9.7% agreed upon with the IMF, indicating a gap of 1.8 percentage points that needs to be bridged in order to meet the target agreed upon with the IMF for the year.
Featured Insight
Tax revenue misses IMF target in 1st quarter!
According to the 2022 Annual Report from the Ministry of Finance, tax revenue for the first quarter of 2023 experienced a surge of 56%, amounting to LKR 578 billion. This was a increase from the LKR 370 billion collected during the same period in 2022. Despite this growth, the Q1 2023 tax revenue collection fell short of the target set in agreement with the International Monetary Fund (IMF), which was LKR 650 billion, by 11%. Moreover, the tax-to-GDP ratio for the first quarter of 2023 was reported to be 7.9%. This is lower than the annual target of 9.7% agreed upon with the IMF, indicating a gap of 1.8 percentage points that needs to be bridged in order to meet the target agreed upon with the IMF for the year.
Featured Insight
Tax revenue misses IMF target in 1st quarter!
According to the 2022 Annual Report from the Ministry of Finance, tax revenue for the first quarter of 2023 experienced a surge of 56%, amounting to LKR 578 billion. This was a increase from the LKR 370 billion collected during the same period in 2022. Despite this growth, the Q1 2023 tax revenue collection fell short of the target set in agreement with the International Monetary Fund (IMF), which was LKR 650 billion, by 11%. Moreover, the tax-to-GDP ratio for the first quarter of 2023 was reported to be 7.9%. This is lower than the annual target of 9.7% agreed upon with the IMF, indicating a gap of 1.8 percentage points that needs to be bridged in order to meet the target agreed upon with the IMF for the year.
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Tax Concessions Provided for Projects Identifed as Strategic Development Projects
The Strategic Deveopement Projects Act, No.14 of 2008 aims to promote strategic development projects by poviding tax exemptions for a stipulated time period. The Board of Investment of Sri Lanka along with the relevant line minsitries will identify certain projects that will add value and take the economy to greater heights and allow certain tax exemptions for said projects. Following is a compilation of such projects along with the type of taxes and time periods for which they're exempted from.
Economic Classification of Government Fiscal Operations (Monthly)
Provides monthly breakdown of Government Revenue and Grants, Expenditure and Overall budget budget balance from Jan 2016 to latest in LKR Millions.
Economic Classification of Government Revenue
Provides annual revenue of the government decomposed mainly into tax revenue (excluding provincial tax revenue) and non tax revenue in LKR millions. Source: Table 8 Statistical Appendix, Annual Report, Ministry Of Finance
Breakdown of government revenue by type of tax (Actual)
Provides detailed annual revenue of the government decomposed mainly into tax revenue, non tax revenue, grants and provincial council revenues in LKR millions. Source: Approved Budget Estimates, Ministry of Finance
Cross Country Comparison of Revenue (percent of GDP)
Provides the total annual government revenue as a share of GDP for most countries in the world. Source: World Economic Outlook Database, October 2020, IMF
Breakdown of government revenue by type of tax (Estimate)
Provides detailed estimated annual revenue of the government decomposed mainly into tax revenue, non tax revenue, grants and provincial council revenues in LKR millions. Source: Approved Budget Estimates, Ministry of Finance