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VAT to drive revenue growth in 2024
Sri Lankan budgets have consistently overestimated the capacity to raise revenue. Therefore, it is prudent to examine from where the 45% increase in revenue is expected. The chart above shows that more than half the increase (56%) is expected from increasing the VAT rate and reducing exemptions on it. In short, the country expects to make more organisations pay a higher rate of VAT for a larger set of goods and services.
Featured Insight
VAT to drive revenue growth in 2024
Sri Lankan budgets have consistently overestimated the capacity to raise revenue. Therefore, it is prudent to examine from where the 45% increase in revenue is expected. The chart above shows that more than half the increase (56%) is expected from increasing the VAT rate and reducing exemptions on it. In short, the country expects to make more organisations pay a higher rate of VAT for a larger set of goods and services.
Featured Insight
VAT to drive revenue growth in 2024
Sri Lankan budgets have consistently overestimated the capacity to raise revenue. Therefore, it is prudent to examine from where the 45% increase in revenue is expected. The chart above shows that more than half the increase (56%) is expected from increasing the VAT rate and reducing exemptions on it. In short, the country expects to make more organisations pay a higher rate of VAT for a larger set of goods and services.
Featured Insight
VAT to drive revenue growth in 2024
Sri Lankan budgets have consistently overestimated the capacity to raise revenue. Therefore, it is prudent to examine from where the 45% increase in revenue is expected. The chart above shows that more than half the increase (56%) is expected from increasing the VAT rate and reducing exemptions on it. In short, the country expects to make more organisations pay a higher rate of VAT for a larger set of goods and services.
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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
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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
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