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Featured Insight
VAT revenue collection: Maldives highest, Sri Lanka lowest
Sri Lanka has the lowest tax revenue collected through Value Added Tax (VAT) in South Asia while Maldives with a lower tax rate collects nearly 5 times more through its Goods and Services Tax (GST). In 2023, Sri Lanka’s VAT rate was 15%, which generated LKR 694 billion—equivalent to 2.5% of GDP—making it the lowest in South Asia. In contrast, countries with similar or lower VAT rates collected higher revenue. For example, Bangladesh, with a similar rate, collected revenue amounting to 3.6% of GDP, and Nepal, with a lower rate of 13%, generated 5.3% of its GDP from VAT in 2023. The Maldives stands out with a Goods and Services Tax (GST) that raises revenue amounting to 12% of GDP, despite having a lower average rate of about 12% (8% for general GST and 16% for tourism GST). Although it is termed “GST,” the system functions similarly to Sri Lanka’s VAT by allowing businesses to charge GST on sales (output tax) and claim credits for GST paid on purchases (input tax). Although the reported value of goods taxed under General GST and the Tourism GST rate is about the same, the Maldives secures twice as much revenue from its Tourism GST due to the higher 16% rate.
Featured Insight
VAT revenue collection: Maldives highest, Sri Lanka lowest
Sri Lanka has the lowest tax revenue collected through Value Added Tax (VAT) in South Asia while Maldives with a lower tax rate collects nearly 5 times more through its Goods and Services Tax (GST). In 2023, Sri Lanka’s VAT rate was 15%, which generated LKR 694 billion—equivalent to 2.5% of GDP—making it the lowest in South Asia. In contrast, countries with similar or lower VAT rates collected higher revenue. For example, Bangladesh, with a similar rate, collected revenue amounting to 3.6% of GDP, and Nepal, with a lower rate of 13%, generated 5.3% of its GDP from VAT in 2023. The Maldives stands out with a Goods and Services Tax (GST) that raises revenue amounting to 12% of GDP, despite having a lower average rate of about 12% (8% for general GST and 16% for tourism GST). Although it is termed “GST,” the system functions similarly to Sri Lanka’s VAT by allowing businesses to charge GST on sales (output tax) and claim credits for GST paid on purchases (input tax). Although the reported value of goods taxed under General GST and the Tourism GST rate is about the same, the Maldives secures twice as much revenue from its Tourism GST due to the higher 16% rate.
Featured Insight
VAT revenue collection: Maldives highest, Sri Lanka lowest
Sri Lanka has the lowest tax revenue collected through Value Added Tax (VAT) in South Asia while Maldives with a lower tax rate collects nearly 5 times more through its Goods and Services Tax (GST). In 2023, Sri Lanka’s VAT rate was 15%, which generated LKR 694 billion—equivalent to 2.5% of GDP—making it the lowest in South Asia. In contrast, countries with similar or lower VAT rates collected higher revenue. For example, Bangladesh, with a similar rate, collected revenue amounting to 3.6% of GDP, and Nepal, with a lower rate of 13%, generated 5.3% of its GDP from VAT in 2023. The Maldives stands out with a Goods and Services Tax (GST) that raises revenue amounting to 12% of GDP, despite having a lower average rate of about 12% (8% for general GST and 16% for tourism GST). Although it is termed “GST,” the system functions similarly to Sri Lanka’s VAT by allowing businesses to charge GST on sales (output tax) and claim credits for GST paid on purchases (input tax). Although the reported value of goods taxed under General GST and the Tourism GST rate is about the same, the Maldives secures twice as much revenue from its Tourism GST due to the higher 16% rate.
Featured Insight
VAT revenue collection: Maldives highest, Sri Lanka lowest
Sri Lanka has the lowest tax revenue collected through Value Added Tax (VAT) in South Asia while Maldives with a lower tax rate collects nearly 5 times more through its Goods and Services Tax (GST). In 2023, Sri Lanka’s VAT rate was 15%, which generated LKR 694 billion—equivalent to 2.5% of GDP—making it the lowest in South Asia. In contrast, countries with similar or lower VAT rates collected higher revenue. For example, Bangladesh, with a similar rate, collected revenue amounting to 3.6% of GDP, and Nepal, with a lower rate of 13%, generated 5.3% of its GDP from VAT in 2023. The Maldives stands out with a Goods and Services Tax (GST) that raises revenue amounting to 12% of GDP, despite having a lower average rate of about 12% (8% for general GST and 16% for tourism GST). Although it is termed “GST,” the system functions similarly to Sri Lanka’s VAT by allowing businesses to charge GST on sales (output tax) and claim credits for GST paid on purchases (input tax). Although the reported value of goods taxed under General GST and the Tourism GST rate is about the same, the Maldives secures twice as much revenue from its Tourism GST due to the higher 16% rate.
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சர்வதேச நாணய நிதியத்தின் உறுப்புரை IV அறிக்கை – முக்கிய பிரச்சினைகளும் பரிந்துரைகளும்
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பி.எஃப். வயரில் இணைப்பிலிருந்து
Source:
The Morning
IMF decision on ISB restructuring framework expect...
The Ministry of Finance expects the IMF to confirm soon whether Sri Lanka's restructuring framework for International Sovereign Bonds (ISBs) complies with IMF programme parameters, following an early July agreement with...
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Source:
Economy Next
India top lender to Sri Lanka in 2022
India has disbursed or agreed to give Sri Lanka 1.55 billion US dollars in 2022 to make imports, as the country went through the worst currency crisis in the history of the island’s central bank, official data show.
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Source:
Daily News
$250m currency swap: Sri Lanka gets first tranche...
The Central Bank of Bangladesh will lend US$50 million to Sri Lanka this week as part of Bangladesh’s efforts to support the Island nation suffering from a foreign exchange crisis, the Daily Star reported.
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நுண்ணறிவு கடன்
Public debt grew more slowly in the firs...
Sri Lanka’s public debt rose at a s...
2024 Presidential Election: Manifesto Pr...
With the upcoming presidential election scheduled for September 21, 20...
பிணைமுறி மோசடி நடந்து 9 ஆண்டுகள்!
2015 ஆம்
Public Debt Increases in Dollar Value Wh...
According to recent data published by the...
Total and primary deficits run in opposi...
The governments primary deficit improved in the first half of 2023 c...
Sri Lanka in the top 10 countries with t...
According to data from the World Bank Dat...
2022 ஆம் ஆண்டில் வட்டிக் கொடுப்பனவுகள்...
மத்திய வங்கியின் 2022 ஆம் ஆண்டிற்கான ஆண்ட...
இலங்கையின் கடன் பதிவுகளை வெளிக்கொண்டுவரல...
கீழேயுள்ள விளக்கப்படம் 2022 செப்டம்பர் இன் இறுதியில் இலங்கையின் வெளிநாட்டுக் கடனின் உரிமையை சித்த...
உள்நாட்டு கடன் மறுசீரமைப்பு
தொடரும் நெருக்கடியிலிருந்து மீள்வதற்கான சவாலை இலங்கை எதிர்கொள்கிறது. இந்தப் பின்னணிக் குறிப்பு, த...
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விவரணம்
The Government Has to Repay Yearly an Average of U...
The infographic shows the actual annual foreign debt service payments of GOSL (Government of Sri Lanka) from 2010 to 2020 and the projected foreign debt service payments from 2021 to 2025.
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Sri Lanka’s Fitch Credit Rating has been downgrade...
Sri Lanka’s credit rating has been downgraded 7 times over the course of 7 years. 5 of those downgrades occurred since April 2020. In contrast, its regional peers have maintained their credit ratings. ...
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Schrodinger’s Banks: The Immediate Need for Polici...
This article was compiled by Professor Udara Peiris. Udara Peiris joined Oberlin in the fall of 2022. He was previously a tenured Associate Professor of Fi...
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