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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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Reform delays could suspend IMF programme, jeopardizing recovery
The Bloomberg Intelligence report warns that Sri Lanka's economic recovery is at risk if reforms stall after the presidential elections, potentially leading to a suspension of the IMF program. It emphasizes the need...
2024-08-29
Daily Mirror
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Govt. ends imports licencing of select products but slaps higher taxes
The Government has done away with licencing of non-essential imports, a move enforced in March but slapped higher taxes as a restrictive measure to better manage the pressure on scarce foreign reserves.
2022-06-02
Daily FT
වැඩිදුර කියවන්න
Sri Lanka issues gazette hiking value added tax from June 01
Sri Lanka has raised value added tax to 12 percent from 8 percent with effect from June 01 through an extraordinary gazette published at midnight on May 31 as attempts are made to contain a runaway budget deficit engineered in 2019 by Keynes...
2022-06-01
EconomyNext
වැඩිදුර කියවන්න
World Bank rules out bridging finance to Sri Lanka until it gets its policy framework in order
The World Bank has ruled out bridging finance or new loan commitments to crisis-hit Sri Lanka until the nation’s economy sets up an adequate macroeconomic policy framework. However, the WB has said that it is reshuffling the already al...
2022-05-26
Island
වැඩිදුර කියවන්න
Debt restructuring teams likely to receive Cabinet nod this week
IMF expected to issue statement on progress of technical level talks with Sri Lanka shortly. The Central Bank said they have finalised the two sets of financial and legal advisors to negotiate with multiple creditors of Sri Lanka and th...
2022-05-23
Daily Mirror
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