Revenue

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Revenue

Insights and analysis of government revenue.

Erosion of the Tax Base: A 33.5% decline in registered Taxpayers from 2019 to 2020

There has been a decline in Sri Lanka's tax base between 2019 and 2020 with 33.5% decline in the number of registered taxpayers (corporate and individual) in the country. This decline is most probably associated with the major changes in...

From The PF Wire

Surcharge Tax Bill gazette in House

The Budget 2022 proposes to impose a one-off 25 percent surcharge tax on individuals or companies earning taxable income more than Rs.2,000 million for the assessment year 2020/2021. The Attorney General’s clearance has been received for the Surcharge Tax Bill pre...

IRD warns of more revenue loss; urgent tax reforms...

Secretary of the Inland Revenue Service Union (IRSU), told the Sunday Times that the IRD’s revenue had fallen from Rs1,025 billion in 2019 to just Rs 424 billion in 2020, due to the Government’s decision to drastically slash exis...

Sri Lanka taxes frozen mackerel at Rs 6.00 a kilo,...

Sri Lanka has issued a gazette notice taxing mackerel at 6.00 rupees a kilogram while taxing kurakkan at 70 rupee a kilogram. htt...

Insight on Revenue

Shrinking Tax Base Increases Tax Burden...

The income tax per person is calculated as the total government reve...

Earnings from Tourism: Are we getting it...

Sri Lanka is expecting the earnings from tourism to play a significa...

Workers’ Remittances in 2021 Falls to 10...

Remittances reached a 10-year low in 202...

Government Revenue Loss due to the Sugar...

The Special Commodity Levy (SCL) on impor...

Budget Obfuscates Benefit From Cigarette...

Tax on Cigarett...

Erosion of the Tax Base: A 33.5% decline...

There has been a decline in Sri Lanka'...

Income Tax Threshold Changes

Sri Lanka’s perso...

Taxing the Digital Economy

The Minister of Trade, Mr. Bandula G...

How does Sri Lanka’s Corporate Taxes Com...

A recent proposal initiated by the G7 to introduce a global mi...

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Featured

Public Report on the 2022 Budget: Assessment of th...

This report provides an assessment and analysis of the fiscal, financial and economic assumptions and estimates applied in the formulation of the 2022 Budget. This repo...

Cost of Bilateral and Multilateral Loans

International Sovereign Bonds have a fixed interest rate. China and Japan have provided most of its loans on fixed interest rate basis, while ADB, India, and the World Bank are provide more variable interest terms l...

Sri Lanka’s Fitch Credit Ratings Have Been Downgra...

Sri Lanka’s has been continually downgraded 5 times over the course of 6 years from December 2015 to December 2021, while its regional peers have managed to maintain their credit ratings to a greater extent.