Topics
Explore
Featured Insight
2023 Budget's revenue target missed by LKR 382 Bn
The Ministry of Finance Annual Report, released on 31st May 2024, shows that in 2023, total revenue including grants fell short of the Budget target by LKR 382 billion or 11%. In 2023, actual total revenue and grants amounted to LKR 3,074 billion, while the approved estimates set at the end of 2022 for 2023 were LKR 3,456 billion. Among the revenue components, VAT contributed the most to the shortfall, accounting for over half of the gap, missing its estimate by LKR 214 billion or 24%. Excise duty also significantly underperformed, falling short by LKR 88 billion. Conversely, some revenue components exceeded their approved estimates. Revenue from Withholding Taxes and Pay-As-You-Earn (PAYE) taxes made surpluses of LKR 68 billion and LKR 45 billion, respectively, or 76% and 45% above the target. This increase could be due to the reintroduction of Withholding Taxes and PAYE at the beginning of 2023.
Featured Insight
2023 Budget's revenue target missed by LKR 382 Bn
The Ministry of Finance Annual Report, released on 31st May 2024, shows that in 2023, total revenue including grants fell short of the Budget target by LKR 382 billion or 11%. In 2023, actual total revenue and grants amounted to LKR 3,074 billion, while the approved estimates set at the end of 2022 for 2023 were LKR 3,456 billion. Among the revenue components, VAT contributed the most to the shortfall, accounting for over half of the gap, missing its estimate by LKR 214 billion or 24%. Excise duty also significantly underperformed, falling short by LKR 88 billion. Conversely, some revenue components exceeded their approved estimates. Revenue from Withholding Taxes and Pay-As-You-Earn (PAYE) taxes made surpluses of LKR 68 billion and LKR 45 billion, respectively, or 76% and 45% above the target. This increase could be due to the reintroduction of Withholding Taxes and PAYE at the beginning of 2023.
Featured Insight
2023 Budget's revenue target missed by LKR 382 Bn
The Ministry of Finance Annual Report, released on 31st May 2024, shows that in 2023, total revenue including grants fell short of the Budget target by LKR 382 billion or 11%. In 2023, actual total revenue and grants amounted to LKR 3,074 billion, while the approved estimates set at the end of 2022 for 2023 were LKR 3,456 billion. Among the revenue components, VAT contributed the most to the shortfall, accounting for over half of the gap, missing its estimate by LKR 214 billion or 24%. Excise duty also significantly underperformed, falling short by LKR 88 billion. Conversely, some revenue components exceeded their approved estimates. Revenue from Withholding Taxes and Pay-As-You-Earn (PAYE) taxes made surpluses of LKR 68 billion and LKR 45 billion, respectively, or 76% and 45% above the target. This increase could be due to the reintroduction of Withholding Taxes and PAYE at the beginning of 2023.
Featured Insight
2023 Budget's revenue target missed by LKR 382 Bn
The Ministry of Finance Annual Report, released on 31st May 2024, shows that in 2023, total revenue including grants fell short of the Budget target by LKR 382 billion or 11%. In 2023, actual total revenue and grants amounted to LKR 3,074 billion, while the approved estimates set at the end of 2022 for 2023 were LKR 3,456 billion. Among the revenue components, VAT contributed the most to the shortfall, accounting for over half of the gap, missing its estimate by LKR 214 billion or 24%. Excise duty also significantly underperformed, falling short by LKR 88 billion. Conversely, some revenue components exceeded their approved estimates. Revenue from Withholding Taxes and Pay-As-You-Earn (PAYE) taxes made surpluses of LKR 68 billion and LKR 45 billion, respectively, or 76% and 45% above the target. This increase could be due to the reintroduction of Withholding Taxes and PAYE at the beginning of 2023.
Data
Reports
Acts and Gazettes
Insights
Dashboards
Annual Budget Dashboard
Budget Promises
Fiscal Indicators
Fuel Price Tracker
IMF Tracker
Infrastructure Watch
PF Wire
About Us
EN
English
සිංහල
தமிழ்
;
Thank You
Free and Open Access to
Public Finance Data and Analysis
Home
Reports
All
Fiscal Strategy
Action Plans
Public Accounts
Budgets
Fiscal Reviews
Other
Fiscal Management Reports
Annual Reports
Mid-year Fiscal Reports
Performance Reports
Appropriation Act
Budget Estimate (Approved)
Budget Speech
Provincial Budgets
Debt Management Report
Other
Citizens Budgets
Data
Reports
Acts and Gazettes
Insights
Filter by year
From
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
To
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Ministry of Finance Fiscal Management Report 2022
An overview of the rationale and strategy that the Budget for the respective year is based upon. This document outlines the broad strategies upon which the Budget is formulated, and the key fiscal measures prioritized by the Government. This report is presented to Parliament on the day of the second reading of the Appropriation Bill, to explain the rationale behind the Budget presented.
View Report
Ministry of Finance Fiscal Management Report 2020-21
An overview of the rationale and strategy that the Budget for the respective year is based upon. This document outlines the broad strategies upon which the Budget is formulated, and the key fiscal measures prioritized by the Government. This report is presented to Parliament on the day of the second reading of the Appropriation Bill, to explain the rationale behind the Budget presented.
View Report
Ministry of Finance Fiscal Management Report 2019
An overview of the rationale and strategy that the Budget for the respective year is based upon. This document outlines the broad strategies upon which the Budget is formulated, and the key fiscal measures prioritized by the Government. This report is presented to Parliament on the day of the second reading of the Appropriation Bill, to explain the rationale behind the Budget presented.
View Report
Ministry of Finance Fiscal Management Report 2018
An overview of the rationale and strategy that the Budget for the respective year is based upon. This document outlines the broad strategies upon which the Budget is formulated, and the key fiscal measures prioritized by the Government. This report is presented to Parliament on the day of the second reading of the Appropriation Bill, to explain the rationale behind the Budget presented.
View Report
Ministry of Finance Fiscal Management Report 2017
An overview of the rationale and strategy that the Budget for the respective year is based upon. This document outlines the broad strategies upon which the Budget is formulated, and the key fiscal measures prioritized by the Government. This report is presented to Parliament on the day of the second reading of the Appropriation Bill, to explain the rationale behind the Budget presented.
View Report
Ministry of Finance Fiscal Management Report 2016
An overview of the rationale and strategy that the Budget for the respective year is based upon. This document outlines the broad strategies upon which the Budget is formulated, and the key fiscal measures prioritized by the Government. This report is presented to Parliament on the day of the second reading of the Appropriation Bill, to explain the rationale behind the Budget presented.
View Report