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Tax revenue misses IMF target in 1st quarter!
According to the 2022 Annual Report from the Ministry of Finance, tax revenue for the first quarter of 2023 experienced a surge of 56%, amounting to LKR 578 billion. This was a increase from the LKR 370 billion collected during the same period in 2022. Despite this growth, the Q1 2023 tax revenue collection fell short of the target set in agreement with the International Monetary Fund (IMF), which was LKR 650 billion, by 11%. Moreover, the tax-to-GDP ratio for the first quarter of 2023 was reported to be 7.9%. This is lower than the annual target of 9.7% agreed upon with the IMF, indicating a gap of 1.8 percentage points that needs to be bridged in order to meet the target agreed upon with the IMF for the year.
Featured Insight
Tax revenue misses IMF target in 1st quarter!
According to the 2022 Annual Report from the Ministry of Finance, tax revenue for the first quarter of 2023 experienced a surge of 56%, amounting to LKR 578 billion. This was a increase from the LKR 370 billion collected during the same period in 2022. Despite this growth, the Q1 2023 tax revenue collection fell short of the target set in agreement with the International Monetary Fund (IMF), which was LKR 650 billion, by 11%. Moreover, the tax-to-GDP ratio for the first quarter of 2023 was reported to be 7.9%. This is lower than the annual target of 9.7% agreed upon with the IMF, indicating a gap of 1.8 percentage points that needs to be bridged in order to meet the target agreed upon with the IMF for the year.
Featured Insight
Tax revenue misses IMF target in 1st quarter!
According to the 2022 Annual Report from the Ministry of Finance, tax revenue for the first quarter of 2023 experienced a surge of 56%, amounting to LKR 578 billion. This was a increase from the LKR 370 billion collected during the same period in 2022. Despite this growth, the Q1 2023 tax revenue collection fell short of the target set in agreement with the International Monetary Fund (IMF), which was LKR 650 billion, by 11%. Moreover, the tax-to-GDP ratio for the first quarter of 2023 was reported to be 7.9%. This is lower than the annual target of 9.7% agreed upon with the IMF, indicating a gap of 1.8 percentage points that needs to be bridged in order to meet the target agreed upon with the IMF for the year.
Featured Insight
Tax revenue misses IMF target in 1st quarter!
According to the 2022 Annual Report from the Ministry of Finance, tax revenue for the first quarter of 2023 experienced a surge of 56%, amounting to LKR 578 billion. This was a increase from the LKR 370 billion collected during the same period in 2022. Despite this growth, the Q1 2023 tax revenue collection fell short of the target set in agreement with the International Monetary Fund (IMF), which was LKR 650 billion, by 11%. Moreover, the tax-to-GDP ratio for the first quarter of 2023 was reported to be 7.9%. This is lower than the annual target of 9.7% agreed upon with the IMF, indicating a gap of 1.8 percentage points that needs to be bridged in order to meet the target agreed upon with the IMF for the year.
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Review to be conducted in terms of Section 38(1) (c) of the National Audit Act No. 19 of 2018
A circular distributed by the Management Audit Department to relevant persons/institutions. Examples of areas covered include internal audit guidelines & audit related issues
Download as PDF
Repeal of Management Audit Circular No. : DMA - 02/2022
A circular distributed by the Management Audit Department to relevant persons/institutions. Examples of areas covered include internal audit guidelines & audit related issues
Download as PDF
Project Internal Audit Guide - Management audit department (Circular No. 01/2022) (7/1/2022)
A circular distributed by the Management Audit Department to relevant persons/institutions. Examples of areas covered include internal audit guidelines & audit related issues
Download as PDF
Gazette No 2244 - 8 -(7/9/2021)-Trade and Investment Policy Department - Special Commodity Levy Act, No. 48 of 2007
Official changes made to existing regulations/taxes or introduction of new regulations/taxes. This is with regards to items specified under the Special Commodity Levy (SCL) Act.
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Progress review of Capital Expenditure and Recurrent Expenditure
A circular distributed by the Management Audit Department to relevant persons/institutions. Examples of areas covered include internal audit guidelines & audit related issues
Download as PDF
Internal audit guidlines
A circular distributed by the Management Audit Department to relevant persons/institutions. Examples of areas covered include internal audit guidelines & audit related issues
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Progress review of Capital Expenditure and Recurrent Expenditure
A circular distributed by the Management Audit Department to relevant persons/institutions. Examples of areas covered include internal audit guidelines & audit related issues
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Cancellation of Treasury Circular No. IAI / 2002/02 and Management Audit Circular No. 01/2016
A circular distributed by the Management Audit Department to relevant persons/institutions. Examples of areas covered include internal audit guidelines & audit related issues
Download as PDF