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Total and primary deficits run in opposite directions
The governments primary deficit improved in the first half of 2023 compared to the corresponding period in 2022, while the budget deficit worsened increasing from LKR -903 Bn to LKR -1,243 Bn which implies a significant 93 percent increase an interest payments. Revenue increased by 43 percent from LKR 918 Bn to LKR 1315 Bn resulting in the primary deficit turning from a deficit into a surplus. Total expenditure increased as well, from LKR 1822 Bn in Q2 2022 to LKR 2560 Bn in Q2 2023, noting a 40 percent increase.
Featured Insight
Total and primary deficits run in opposite directions
The governments primary deficit improved in the first half of 2023 compared to the corresponding period in 2022, while the budget deficit worsened increasing from LKR -903 Bn to LKR -1,243 Bn which implies a significant 93 percent increase an interest payments. Revenue increased by 43 percent from LKR 918 Bn to LKR 1315 Bn resulting in the primary deficit turning from a deficit into a surplus. Total expenditure increased as well, from LKR 1822 Bn in Q2 2022 to LKR 2560 Bn in Q2 2023, noting a 40 percent increase.
Featured Insight
Total and primary deficits run in opposite directions
The governments primary deficit improved in the first half of 2023 compared to the corresponding period in 2022, while the budget deficit worsened increasing from LKR -903 Bn to LKR -1,243 Bn which implies a significant 93 percent increase an interest payments. Revenue increased by 43 percent from LKR 918 Bn to LKR 1315 Bn resulting in the primary deficit turning from a deficit into a surplus. Total expenditure increased as well, from LKR 1822 Bn in Q2 2022 to LKR 2560 Bn in Q2 2023, noting a 40 percent increase.
Featured Insight
Total and primary deficits run in opposite directions
The governments primary deficit improved in the first half of 2023 compared to the corresponding period in 2022, while the budget deficit worsened increasing from LKR -903 Bn to LKR -1,243 Bn which implies a significant 93 percent increase an interest payments. Revenue increased by 43 percent from LKR 918 Bn to LKR 1315 Bn resulting in the primary deficit turning from a deficit into a surplus. Total expenditure increased as well, from LKR 1822 Bn in Q2 2022 to LKR 2560 Bn in Q2 2023, noting a 40 percent increase.
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Revenue
Insights and analysis of government revenue.
Earnings from Tourism: Are we getting it right?
Sri Lanka is expecting the earnings from tourism to play a significant role in driving the recovery of Sri Lanka’s foreign currency. However, there are important concerns accuracy of the estimated earnings from tourism....
From The PF Wire
Source:
Daily Mirror
Govt. throws tax net to 14 more fields
Government has registered 14 previously overlooked fields for mandatory tax payments, which, along with stringent investigations by the Inland Revenue Department, has increased tax revenue from 8.3% to over 11% of GDP.
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Source:
Daily FT
1Q tourism earnings top $ 1 b
Sri Lanka's tourism industry has experienced a robust upswing, achieving a significant milestone by surpassing $1 billion in earnings during the first quarter of 2024. This remarkable feat marks a striking 103% increase compared to the same period last year, showc...
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Source:
The Sunday Times
More tax hikes in upcoming Budget
The Government will have to further increase taxes in the upcoming 2023 Budget to meet the cost of major welfare and relief programmes, totalling more than Rs 800 million already implemented this year, a senior Treasury official said....
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Insight on Revenue
Revenue Foregone by Government Due to Ta...
For the fiscal year 2022/23 (April to Mar...
Primary and Budget Balances move in oppo...
The Fiscal Management Report 2024 publish...
VAT to drive revenue growth in 2024
Sri Lankan budgets have consistently over...
VAT to reach 20 year high from January
The Cabinet recently sanctioned an increa...
Tax revenue misses IMF target in 1st qua...
According to the 2022 Annual Report from...
Why did Sri Lanka fall short of revised...
Sri Lanka mis...
What Caused the Rise in Tax Revenue from...
In the Central Bank's Annual Report f...
Sri Lanka's Unique Revenue Problem
Tax to GDP and GDP per capita for most So...
Government Revenue Loss due to the Sugar...
The Special Commodity Levy (SCL) on impor...
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Featured
National Budget Process in 60 Seconds!
The video below describes the National Budget process from planning to oversight. There are 4 steps to the whole process and is carried out between January and December.
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Let’s Shield the EPF with the Instincts of Winston...
This article was compiled by Dr. Nishan de Mel. Dr. Nishan de Mel is the Executive Director of Verité Research and an economist with extensive acade...
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Calculating the Loss to the EPF from Proposed DDR
This article was compiled by Dr. Nishan de Mel. Dr. Nishan de Mel is the Executive Director of Verité Research and an economist with extensive acade...
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