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Budget Obfuscates Benefit From Cigarette Tax Increase
Tax on Cigarettes is proposed to be increased with immediate effect. As a result, the price of a cigarette will increase by Rupees five (5). Further, subsequent to the budget speech, the government changed the excise taxes on cigarettes. However, of the LKR 5 increase in price per cigarette proposed, the government will only receive LKR 2.47 in tax revenue per cigarette. The remaining LKR 2.53 will be the revenue earned by CTC from the price increase. There is a 50% decline in taxes on Cigarettes, not exceeding 60 mm in length on one type of cigarette, which results in only a 2.38% increase in the effective tax rate on cigarettes. This means that in effect cigarette taxes have declined in real terms
Featured Insight
Budget Obfuscates Benefit From Cigarette Tax Increase
Tax on Cigarettes is proposed to be increased with immediate effect. As a result, the price of a cigarette will increase by Rupees five (5). Further, subsequent to the budget speech, the government changed the excise taxes on cigarettes. However, of the LKR 5 increase in price per cigarette proposed, the government will only receive LKR 2.47 in tax revenue per cigarette. The remaining LKR 2.53 will be the revenue earned by CTC from the price increase. There is a 50% decline in taxes on Cigarettes, not exceeding 60 mm in length on one type of cigarette, which results in only a 2.38% increase in the effective tax rate on cigarettes. This means that in effect cigarette taxes have declined in real terms
Featured Insight
Budget Obfuscates Benefit From Cigarette Tax Increase
Tax on Cigarettes is proposed to be increased with immediate effect. As a result, the price of a cigarette will increase by Rupees five (5). Further, subsequent to the budget speech, the government changed the excise taxes on cigarettes. However, of the LKR 5 increase in price per cigarette proposed, the government will only receive LKR 2.47 in tax revenue per cigarette. The remaining LKR 2.53 will be the revenue earned by CTC from the price increase. There is a 50% decline in taxes on Cigarettes, not exceeding 60 mm in length on one type of cigarette, which results in only a 2.38% increase in the effective tax rate on cigarettes. This means that in effect cigarette taxes have declined in real terms
Featured Insight
Budget Obfuscates Benefit From Cigarette Tax Increase
Tax on Cigarettes is proposed to be increased with immediate effect. As a result, the price of a cigarette will increase by Rupees five (5). Further, subsequent to the budget speech, the government changed the excise taxes on cigarettes. However, of the LKR 5 increase in price per cigarette proposed, the government will only receive LKR 2.47 in tax revenue per cigarette. The remaining LKR 2.53 will be the revenue earned by CTC from the price increase. There is a 50% decline in taxes on Cigarettes, not exceeding 60 mm in length on one type of cigarette, which results in only a 2.38% increase in the effective tax rate on cigarettes. This means that in effect cigarette taxes have declined in real terms
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Budget 2022
Budget 2022
Detailed analysis of the 2022 budget.
Total Revenue Estimates : Govt and Verité
The government has consistently overestimated its revenue. The government revised it’s initial estimate of LKR 2,019 Bn revised downwards by 22.9% to LKR 1,556. In 2021 Verité's Public report on the 2021 Budget , Verit&eacut...
From The PF Wire
Source:
Ceylon today
Budget 2022 passed
The Third Reading of the Appropriation Bill 2022 was passed with a majority of 93 votes on Friday (10). The voting took place at 6:05 p.m. A total of 157 voted in favour to 64 against. The voting took place at 6:05 p.m. Minister of Finance B...
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Source:
Daily Mirror
National Chamber calls for measures to manage impa...
National Chamber of Commerce of Sri Lanka (NCCSL)IN a statement yesterday recognized the efforts of the government to signal all the stakeholders that they are in a path towards managing fiscal space by estimating budget deficit for 2022 in single digit (8.8 percent)...
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Source:
Economy Next
Sri Lanka aims to cut deficit, have non-traditiona...
Sri Lanka aims to make a ‘significant reduction’ in the country’s runaway fiscal deficit in 2022 and have a ‘non-traditional budget’ senior officials said as the country is also facing severe monetary instability due to artificially low i...
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Insight on Budget 2022
Inconsistency in Budget Numbers Across D...
In November 2021, the Government rel...
Over Estimation Of Social Security Contr...
Budget 2022 proposed a Social Security Co...
Total Revenue Estimates : Govt and Verit...
The government has consistently overestim...
Underestimation of Sri Lanka’s Central G...
Since 2020, t...
Public Report on the 2022 Budget: Assess...
This report provides an assessment and an...
Budget 2022 : Water Supply
Budget 2022: Health Sector
Budget 2022 : Education Sector
Ministerial Allocation of Government Ex...
Here’s a breakdown of ministerial a...
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Featured
Erosion of the Tax Base: A 33.5% decline in regist...
There has been a decline in Sri Lanka's tax base between 2019 and 2020 with 33.5% decline in the number of registered taxpayers (corporate and individual) in the country. This decline is most probably associated with the major changes in...
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Public Report on the 2022 Budget: Assessment of th...
This report provides an assessment and analysis of the fiscal, financial and economic assumptions and estimates applied in the formulation of the 2022 Budget. This repo...
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Total Revenue Estimates : Govt and Verité
The government has consistently overestimated its revenue. The government revised it’s initial estimate of LKR 2,019 Bn revised downwards by 22.9% to LKR 1,556. In 2021 Verité's Public report on the 2021 Budget , Verit&eacut...
Read More
