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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 moves closer to finalising debt restructuring with Japan
Sri Lanka’s Cabinet approved a debt restructuring agreement with JICA, following bipartisan negotiations and legal clearance, aiming to boost investor confidence and secure further international financial support....
2025-02-06
Daily FT
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CEB secures US$150 mn ADB loan for transmission network expansion
The Asian Development Bank (ADB) has provided a $150 million loan to the Ceylon Electricity Board (CEB) to enhance Sri Lanka's electricity transmission infrastructure, focusing on improving grid reliability and inte...
2024-12-20
Daily Mirror
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Sri Lanka to hike withholding tax on deposits to 10-pct, low earners exempt
Sri Lanka will increase the withholding tax on deposits to 10% from 5%, with exemptions for lower-income brackets and measures to reclaim taxes for those in lower tax brackets, aiming to broaden the tax net rather than...
2024-12-18
Economy Next
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Sri Lanka GDP grows 5.5-pct in third quarter 2024
Sri Lanka's GDP grew by 5.5% in Q3 2024, driven by strong performance in construction, apparel, and services, supported by falling interest rates and increased imports of investment and intermediate goods.
2024-12-17
Economy Next
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SL wraps-up debt restructuring, setting country for rating upgrade
Sri Lanka has officially ended its foreign currency debt default, with 98% acceptance of a bond exchange offer for US$ 12.55 billion in defaulted bonds.
2024-12-16
Daily Mirror
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