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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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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...
2023-09-26
Daily Ft
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Mixed trends in manufacturing and service sectors in July
The manufacturing sector displays subdued performance across all sub-indices, particularly affecting the textile and apparel segment due to a lack of new orders. Conversely, the service sector showcases promising trends with increased new bu...
2023-08-23
DailyFT
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Govt. lifts import restrictions on public vehicles
For the first time since March 2020, the Government has relaxed import restrictions on specified vehicles designed for public transport use. Buses, trucks, browsers, m...
2023-08-16
DailyFT
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13A should be implemented to suit nation’s growth and future: President
President Wickremesinghe highlighted that the 13th Amendment, which oversees the decentralization of power to provincial councils, holds the utmost legal significance in the country.
2023-08-10
Daily Mirror
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Govt. secures $ 200 m World Bank funding for social security project implementation
The Cabinet of Ministers approved to enter into an agreement with the World Bank Group to secure a $ 200 million (around Rs. 66,000 million) loan Grant for the implementation of the ambitious social security project in the country.
2023-07-26
DailyFT
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