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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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Govt.’s tax revenue effort gathers momentum in 1H
In the first half of 2024, the overall budget deficit significantly decreased to Rs. 598.7 billion, down from Rs. 1.24 trillion in the same period of 2023, reflecting improved fiscal management. ...
2024-08-26
Daily FT
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Proposed GDP-linked bonds could attract investors
Sri Lanka is restructuring its defaulted $13 billion debt through macro-linked bonds, as reported by the Financial Times. These bonds would track the country's recovery and include GDP...
2024-05-06
The Morning
වැඩිදුර කියවන්න
Sri Lanka to benefit from USD 5 bn Asian Development Fund 14
Donors and the Asian Development Bank (ADB) have committed USD 5 billion for ADB’s Asian Development Fund (ADF) 14 and Technical Assistance Special Fund (TASF) 8. ADF 14, spanning 20...
2024-05-06
Daily News
වැඩිදුර කියවන්න
Budget deficit: A stubborn stain on the balance sheet
Sri Lanka's persistent budget deficit has become a perennial issue, plaguing successive governments due to poor financial management practices. Verité Research's recent findings (Read more :
2024-05-05
The Morning
වැඩිදුර කියවන්න
Excise Dept. reports 26% revenue increase amid production decline
The Excise Department has recorded a 26% Year-on-Year (YoY) revenue increase in comparison to the equivalent period in 2023 despite low production volumes.
2024-05-05
The Morning
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