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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.
විදසුන්
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.
විදසුන්
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.
විදසුන්
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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Fuel prices rise
Fuel prices in Sri Lanka have seen a significant increase, with State-run Ceylon Petroleum Corporation (CEYPETCO) and Lanka IOC raising the price of Octane 92 Petrol by Rs. 4 to Rs. 365 per litre, 95 Octane Petrol by Rs. 3 to Rs. 420, Auto D...
2023-10-02
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Fuel prices rise
Fuel prices in Sri Lanka have seen a significant increase, with State-run Ceylon Petroleum Corporation (CEYPETCO) and Lanka IOC raising the price of Octane 92 Petrol by Rs. 4 to Rs. 365 per litre, 95 Octane Petrol by Rs. 3 to Rs. 420, Auto D...
2023-10-02
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වැඩිදුර කියවන්න
IMF warns Sri Lanka on slowing reserve collections, money printing
The International Monetary Fund (IMF) has warned Sri Lanka about a slowdown in the accumulation of foreign reserves, highlighting the significance of strengthening external buffers. In May 2023, Sri Lanka began printing money to promote busi...
2023-10-02
Economy Next
වැඩිදුර කියවන්න
Sri Lanka’s Governance Diagnostic Assessment: Executive Summary
The International Monetary Fund last week released the first ever Governance Diagnostic Assessment on Sri Lanka as part of its technical assistance initiative.
2023-10-02
Daily FT
වැඩිදුර කියවන්න
Fuel prices likely to surge in October: CAL Research
CAL Research predicts a substantial increase in fuel prices of approximately Rs. 12-14 per liter in October 2023, attributing this forecast to global factors such as a 4-5% month-on-month rise in petrol and diesel prices, driven by a 7.7% mo...
2023-09-25
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