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VAT to drive revenue growth in 2024
Sri Lankan budgets have consistently overestimated the capacity to raise revenue. Therefore, it is prudent to examine from where the 45% increase in revenue is expected. The chart above shows that more than half the increase (56%) is expected from increasing the VAT rate and reducing exemptions on it. In short, the country expects to make more organisations pay a higher rate of VAT for a larger set of goods and services.
Featured Insight
VAT to drive revenue growth in 2024
Sri Lankan budgets have consistently overestimated the capacity to raise revenue. Therefore, it is prudent to examine from where the 45% increase in revenue is expected. The chart above shows that more than half the increase (56%) is expected from increasing the VAT rate and reducing exemptions on it. In short, the country expects to make more organisations pay a higher rate of VAT for a larger set of goods and services.
Featured Insight
VAT to drive revenue growth in 2024
Sri Lankan budgets have consistently overestimated the capacity to raise revenue. Therefore, it is prudent to examine from where the 45% increase in revenue is expected. The chart above shows that more than half the increase (56%) is expected from increasing the VAT rate and reducing exemptions on it. In short, the country expects to make more organisations pay a higher rate of VAT for a larger set of goods and services.
Featured Insight
VAT to drive revenue growth in 2024
Sri Lankan budgets have consistently overestimated the capacity to raise revenue. Therefore, it is prudent to examine from where the 45% increase in revenue is expected. The chart above shows that more than half the increase (56%) is expected from increasing the VAT rate and reducing exemptions on it. In short, the country expects to make more organisations pay a higher rate of VAT for a larger set of goods and services.
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SL set to be removed from IMF’s surcharge list of countries from November
Sri Lanka will be removed from the IMF's surcharge list starting November 1, 2024, due to reforms that raise the threshold for surcharges from 187.5% to 300% of a country's quota, significantly reducing its borrowin...
2024-10-22
Daily Mirror
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Finance Minister submits progress report for 2020
The Minister of Finance submitted the Report containing the physical progress of the projects implemented by the line ministries through the Capital Budget in 2020 to the Cabinet yesterday (01), as required by a cabinet decision dated 25 April 2018.
2021-03-02
Ceylon Today
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World Bank, EU support Sri Lanka’s agriculture modernisation, job creation via $ 125 m project
The Ministry of Finance and the World Bank recently signed a new grant from the European Union to support the Agriculture Sector Modernisation Project ( ASMP). This grant is part of the EU’s EUR 25 million support to the $ 125 million project and will be administe...
2021-02-05
DailyFT
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Proposal for Lanka to downgrade itself to low-income country
The Cabinet will take up tomorrow a proposal for Sri Lanka to revert from a middle-income country to a low-income country with the aim of obtaining concessionary funding from the International Development Association (IDA) — an arm of...
0222-10-09
The Sunday Times
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