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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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Recent trends and developments in government expenditure on civil administration.
Only 11 out of 52 SOEs have Published Financial Data up to 2022!
Out of the 52 Key State-Owned Enterprises identified by the Ministry of Finance, only 11 have released their financial reports until the year 2022 as of June 30th, 2023. This progress does not align with Sri Lanka’s commitment to the I...
From The PF Wire
Source:
Ceylon Today
Development Lotteries Board achieves Rs 3B in prof...
With the objective of funding the President’s Fund for public services and the Mahapola Higher Education Scholarship Fund, the Development Lotteries Board (DLB) which was founded by Act No. 20 of 1997 has recorded Rs.3 billion in profits for the first time, achieving the annual revenue targ...
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Source:
EconomyNext
Fitch downgrades 10 Sri Lankan Banks after local s...
Fitch Ratings said it had downgraded 10 Sri Lanka banks following a re-calibration of the local currency sovereign rating. All 10 banks on rating watch negative. https://econo...
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Source:
Ceylon Today
Economy to shrink by 4.2% in 2023 – WB
The World Bank (WB) on Tuesday cut Sri Lanka’s growth prospects by 0.5 percentage points to a negative 4.2 per cent this year, sharper than IMF’s forecast of a negative three per cent growth.
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Insight on Civil Administration
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Only 11 out of 52 SOEs have Published Fi...
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International Women's Day
In Sri Lanka, as shown above, women are half as likely to enter the labour market, and twice as l...
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The SLPA has made...
Key Issues Highlighted In The Audior Gen...
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25 of 52 Key SOEs identified by Ministry...
State-owned enterprises (SOEs) continue t...
Committee on Public Finance : Roles and...
The Committee on Public Finance(COPF) is...
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Featured
Earnings from Tourism: Are we getting it right?
Sri Lanka is expecting the earnings from tourism to play a significant role in driving the recovery of Sri Lanka’s foreign currency. However, there are important concerns accuracy of the estimated earnings from tourism....
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Change in Tariffs on Monthly Electricity Consumpti...
Electricity tariffs were initially revised in August 2022, which was the first revision since November 2014. However, in February 2023 tariffs were revised again (see table below).
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Only 11 out of 52 SOEs have Published Financial Da...
Out of the 52 Key State-Owned Enterprises identified by the Ministry of Finance, only 11 have released their financial reports until the year 2022 as of June 30th, 2023. This progress does not align with Sri Lanka’s commitment to the I...
Read More
