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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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International Monetary Fund
International Monetary Fund
Insights and analysis on the 2023 IMF programme.
IMF programme’s transparency falls to lowest point in September
The latest update from 'IMF Tracker’ of Verité Research, an online platform which tracks the 100 identified commitments in Sri Lanka’s 17th programme with the International...
From The PF Wire
Source:
The Morning
Strong performance under IMF prog.
Sri Lanka’s overall performance in the International Monetary Fund (IMF) has been strong as the macroeconomic policies have started to bear fruit, an IMF official said.
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Source:
Economy Next
Hopeful of Sri Lanka ISB restructuring deal despit...
Krishna Srinivasan, Director of the Asia and Pacific Department at the International Monetary Fund, has expressed optimism regarding the prospect of a deal with Sri Lanka’s sovereign bond holders, despite encountering "some setbac...
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Source:
Economy Next
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Sri Lanka has increased the special commodity levy (SCL) on sugar from 0.25 rupees to 50 rupees as of November 2, as per a government document signed by President Ranil Wickremesinghe in his capacity as Finance Minister. This move comes afte...
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Featured
Will the budget's veil of secrecy be lifted in 202...
The lack of transparency on the implementation progress of proposals in budget speeches has increased sharply in 2022 and 2023, according to a systematic evaluation conducted by Verité Research.
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Wanted: An Authentic Minister of Finance - Sri Lan...
This article was compiled by Professor Mick Moore. Professor Mick Moore is a political economist and Professorial Fellow at the Institute of Development St...
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Revenue Foregone by Government Due to Tax Concessi...
For the fiscal year 2022/23 (April to March), tax concessions resulted in a total of LKR 978 billion in foregone revenue, the government reported on 31 March. The...
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