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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.
Featured Insight
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.
Featured Insight
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.
Featured Insight
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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Debt burden set to shrink by 2032
Sri Lanka's debt is expected to drop from 113% of GDP in 2023 to 82% by 2032, exceeding IMF targets. Sri Lanka's debt stock is projected...
2024-10-10
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Debt burden set to shrink by 2032
Sri Lanka's debt is expected to drop from 113% of GDP in 2023 to 82% by 2032, exceeding IMF targets. Sri Lanka's debt stock is projected...
2024-10-10
The Morning
Read More
Sri Lanka to grow 4.4-pct in 2024, 3.5-pct in 2024: World Bank
Sri Lanka is projected to grow by 4.4% in 2024, with recovery dependent on maintaining macroeconomic stability and continuing reforms.
2024-10-10
Economy Next
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Debt deal could lead to future defaults: Expert
Sovereign debt expert Brad Setser criticized Sri Lanka's bondholder deal, arguing that the IMF's flawed debt sustainability analysis set overly generous public debt limits, underestimated GDP growth, and failed to i...
2024-10-09
The Morning
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SL faces tough choices on IMF objectives
Sri Lanka is at a critical crossroads in its economic recovery, facing the challenge of balancing the need for fiscal flexibility with adherence to IMF targets. Deviating from these commitments could jeopardize access to es...
2024-10-09
The Morning
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