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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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Expenditure Proposals from the 2023 Budget
The following infographics present some of the key expenditure proposals presented in the 2023 Budget.
2022-11-18
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Highlights from the Appropriation Bill for 2023
The Appropriation Bill for 2023 was presented to Parliament on the 18th of October, ahead of the budget speech in November. The Appropriation Bill shows that there is a 26% increase in expenditure planned for 2...
2022-11-02
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