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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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VAT to drive revenue growth in 2024
Sri Lankan budgets have consistently overestimated the capacity to raise revenue. Therefore, it is prudent to examine from where the 45% increase in revenue is expected. The chart above shows that more than half the increase (56%) is expected from increasing the VAT r...
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මූලාශ්රය:
Daily FT
March exports soar to 19-month high of $ 1.14 b
March 2024 saw Sri Lanka's exports reach a 19-month high of $1.14 billion, driving first-quarter performance up by 5.7% to $3.17 billion.
වැඩිදුර කියවන්න
මූලාශ්රය:
Daily Mirror
Controversial Social Security Contribution levy c...
The controversial Social Security Contribution (SSC) levy came into effect this week with 2.5 percent slapped on turnover on a wider base of businesses with annual taxable turnover exceeding Rs.120 million as the bill was passed in Parliamen...
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මූලාශ්රය:
Daily News
Tourism rakes in US$ 462 mn in first three months
Sri Lanka has earned US$ 462 million from tourism in the first three months of this year. If the trend continues, by the end of this year, the tourism industry is expected to generate over US$ 2.5 billion in revenue, Tourism Ministry Secreta...
වැඩිදුර කියවන්න
විදසුන් කියවන්න: ආදායම
පොලී වියදම් රාජ්ය ආදායම ගිල ගනී
2023 දී ඉතිහාසයේ පළමු වතාවට රජය සිය දළ දේ...
2023 දී රාජ්ය ආදායම 53%කින් ඉහළ ගියේ කෙ...
2022 වසරට සාපේක්ෂව රජයේ ආදායම 53% කින් (රු. බිලියන 1,062) සැලකිය යුතු...
2022 වසරේ බදු සහන ලබා දීමෙන් ආණ්ඩුව අහිම...
2022/23 (අප්රේල් සිට මාර්තු) මූල්&zw...
Primary and Budget Balances move in oppo...
The Fiscal Management Report 2024 publish...
VAT to drive revenue growth in 2024
Sri Lankan budgets have consistently overestimated the capacity to r...
VAT to reach 20 year high from January
The Cabinet recently sanctioned an increa...
Tax revenue misses IMF target in 1st qua...
According to the 2022 Annual Report from...
සංශෝධිත 2022 බදු ආදායම් ඉලක්කයෙන් ශ්රී...
ශ්රී ලංකාවට 2022 දී බදු ආදායම් ඉලක්ක...
What Caused the Rise in Tax Revenue from...
In the Central Bank's Annual Report f...
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වීශේෂාංග
Total and primary deficits run in opposite directi...
The governments primary deficit improved in the first half of 2023 compared to the corresponding period in 2022, while the budget deficit worsened increasing from LKR -903 Bn to LKR -1,243 Bn which implies a significant 93 percent increase an interest payments. Revenu...
වැඩිදුර කියවන්න
අපේක්ෂිත දළ දේශීය නිෂ්පාදිතය: අයවැය 2024
ජාත්යන්තර මූල්ය අරමුදලේ ඇස්තමේන්තු වලට සාපේක්ෂව 2024 අයවැය තුළ, 2023 දී වැඩි සංකෝචනයක් සහ 2024 දී ඉහළ වර්ධනයක් අපේක්ශා කරයි.
වැඩිදුර කියවන්න
Can We Build a World-Class City with Third-World P...
This article was compiled by Dr. Sanjaya de Silva, Associate Professor of Economics at Bard College. His research interests include development and economic history in South and Southeast Asia.
වැඩිදුර කියවන්න