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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.
විදසුන්
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.
විදසුන්
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.
විදසුන්
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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Sri Lanka annual GDP growth projected to be around 4.5% – 5 % in 2024
Sri Lanka's 2024 economic outlook shows 4.5%-5% GDP growth, rising inflation, stabilized interest rates boosting private sector credit, and strengthened external resilience through tourism earnings, remittances, and...
2024-11-28
Daily News
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ප්රවාහනය සහ සන්නිවේදනය
නාගරික සංවර්ධනය සහ නිවාස
Govt. loses Rs. 3 Bn custom duty from import of 3,000 Toyota Hilux Smart Cabs: COPA
The Government has incurred a loss of Rs. 3 billion as the Customs Department had levied less customs duties intended for singles cabs when the Toyota Hilux Smart Cabs were imported by the Customs.
2021-07-22
Daily Mirror
වැඩිදුර කියවන්න
Govt. mulls regulating and taxing online trading platforms
The government is contemplating on introducing a system to regulate the online trading platforms and bring some of them under its tax regime, Trade Minister Bandula Gunawardena told Parliament yesterday.
2021-07-21
Daily Mirror
වැඩිදුර කියවන්න
Tax Amnesty Bill: A quick fix for budget gap?
Tax amnesties have the potential to encourage corruption and money laundering. They could weaken law enforcement in such grey areas, as income tax officers are prohibited to investigate the perpetrators of white-collar crimes who benefit fro...
2021-07-20
Daily FT
වැඩිදුර කියවන්න
Sri Lanka ‘Caa1’ sovereign rating on downgrade review by Moody’s
Sri Lanka’s ‘Caa1’ sovereign rating has been place on review for downgrade by Moody’s citing weak external position and decreasing institutional strength.
2021-07-19
economynext
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