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VAT revenue collection: Maldives highest, Sri Lanka lowest
Sri Lanka has the lowest tax revenue collected through Value Added Tax (VAT) in South Asia while Maldives with a lower tax rate collects nearly 5 times more through its Goods and Services Tax (GST). In 2023, Sri Lanka’s VAT rate was 15%, which generated LKR 694 billion—equivalent to 2.5% of GDP—making it the lowest in South Asia. In contrast, countries with similar or lower VAT rates collected higher revenue. For example, Bangladesh, with a similar rate, collected revenue amounting to 3.6% of GDP, and Nepal, with a lower rate of 13%, generated 5.3% of its GDP from VAT in 2023. The Maldives stands out with a Goods and Services Tax (GST) that raises revenue amounting to 12% of GDP, despite having a lower average rate of about 12% (8% for general GST and 16% for tourism GST). Although it is termed “GST,” the system functions similarly to Sri Lanka’s VAT by allowing businesses to charge GST on sales (output tax) and claim credits for GST paid on purchases (input tax). Although the reported value of goods taxed under General GST and the Tourism GST rate is about the same, the Maldives secures twice as much revenue from its Tourism GST due to the higher 16% rate.
Featured Insight
VAT revenue collection: Maldives highest, Sri Lanka lowest
Sri Lanka has the lowest tax revenue collected through Value Added Tax (VAT) in South Asia while Maldives with a lower tax rate collects nearly 5 times more through its Goods and Services Tax (GST). In 2023, Sri Lanka’s VAT rate was 15%, which generated LKR 694 billion—equivalent to 2.5% of GDP—making it the lowest in South Asia. In contrast, countries with similar or lower VAT rates collected higher revenue. For example, Bangladesh, with a similar rate, collected revenue amounting to 3.6% of GDP, and Nepal, with a lower rate of 13%, generated 5.3% of its GDP from VAT in 2023. The Maldives stands out with a Goods and Services Tax (GST) that raises revenue amounting to 12% of GDP, despite having a lower average rate of about 12% (8% for general GST and 16% for tourism GST). Although it is termed “GST,” the system functions similarly to Sri Lanka’s VAT by allowing businesses to charge GST on sales (output tax) and claim credits for GST paid on purchases (input tax). Although the reported value of goods taxed under General GST and the Tourism GST rate is about the same, the Maldives secures twice as much revenue from its Tourism GST due to the higher 16% rate.
Featured Insight
VAT revenue collection: Maldives highest, Sri Lanka lowest
Sri Lanka has the lowest tax revenue collected through Value Added Tax (VAT) in South Asia while Maldives with a lower tax rate collects nearly 5 times more through its Goods and Services Tax (GST). In 2023, Sri Lanka’s VAT rate was 15%, which generated LKR 694 billion—equivalent to 2.5% of GDP—making it the lowest in South Asia. In contrast, countries with similar or lower VAT rates collected higher revenue. For example, Bangladesh, with a similar rate, collected revenue amounting to 3.6% of GDP, and Nepal, with a lower rate of 13%, generated 5.3% of its GDP from VAT in 2023. The Maldives stands out with a Goods and Services Tax (GST) that raises revenue amounting to 12% of GDP, despite having a lower average rate of about 12% (8% for general GST and 16% for tourism GST). Although it is termed “GST,” the system functions similarly to Sri Lanka’s VAT by allowing businesses to charge GST on sales (output tax) and claim credits for GST paid on purchases (input tax). Although the reported value of goods taxed under General GST and the Tourism GST rate is about the same, the Maldives secures twice as much revenue from its Tourism GST due to the higher 16% rate.
Featured Insight
VAT revenue collection: Maldives highest, Sri Lanka lowest
Sri Lanka has the lowest tax revenue collected through Value Added Tax (VAT) in South Asia while Maldives with a lower tax rate collects nearly 5 times more through its Goods and Services Tax (GST). In 2023, Sri Lanka’s VAT rate was 15%, which generated LKR 694 billion—equivalent to 2.5% of GDP—making it the lowest in South Asia. In contrast, countries with similar or lower VAT rates collected higher revenue. For example, Bangladesh, with a similar rate, collected revenue amounting to 3.6% of GDP, and Nepal, with a lower rate of 13%, generated 5.3% of its GDP from VAT in 2023. The Maldives stands out with a Goods and Services Tax (GST) that raises revenue amounting to 12% of GDP, despite having a lower average rate of about 12% (8% for general GST and 16% for tourism GST). Although it is termed “GST,” the system functions similarly to Sri Lanka’s VAT by allowing businesses to charge GST on sales (output tax) and claim credits for GST paid on purchases (input tax). Although the reported value of goods taxed under General GST and the Tourism GST rate is about the same, the Maldives secures twice as much revenue from its Tourism GST due to the higher 16% rate.
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தலைப்புகள்
பட்ஜெட் 2021
பட்ஜெட் 2021
2021ம் ஆண்டு வரவு-செலவுத் திட்டம் மீதான விரிவான ஆய்வு.
பி.எஃப். வயரில் இணைப்பிலிருந்து
Source:
Daily Mirror
Governement to borrow additional LKR 400 Bn for de...
The Cabinet of Ministers cleared a request to increase the government’s credit limit by further Rs.400 billion to Rs.3.39 trillion for 2021, under Appropriation Act No. 7 of 2020, to meet the pandemic-related additional expenditu...
மேலும் வாசிக்க
Source:
economynext
Sri Lanka budget deficit 4.7-pct of GDP up to June...
Sri Lanka’s budget deficit for the six months to June 2021 was 781 billion rupees, up 6 percent from a year earlier, or 4.7 percent of projected gross domestic product, data shows, though outstanding debt was accelerating at a faster p...
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நுண்ணறிவு பட்ஜெட் 2021
Breakdown of Expenditure by Ministry
Here’s a breakdown of ministerial allocations of government expe...
Budget 2021 Round-up With Expert Comment...
The Public Finance Platform presents an expert commentary on the 202...
Medium-Term Fiscal Framework, 2020 to 20...
Here’s the breakdown of Ministry of Finance projections as a share of GDP for Total Revenue...
Allocation of Government Expenditure for...
The Appropria...
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புதிய செலவினம் மற்றும் நிவாரணங்களை குறைநிரப்பு வரவ...
2024 டிசம்பர் 05 ஆம் திகதியன்று, அரசாங்கம் ஆண்டிற்கான 219.4 பில்லியன் ரூபா பெறுமதிமிக்க குறைநிரப்பு மதிப்பீடுகளை முன்வைத்தது, இது 2024 ஆம் ஆண்டின் அசல் வரவு செலவுத் திட்டத்தில் சேர்க்கப்படவில்லை. எதிர்பாராத அவசரகால செலவுகளை நிவர்த்தி ச...
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Maldives' net international reserves turn negative
For the first time in its history, the Maldives' net international reserves fell below zero at the end of October 2024. This marks a critical point in the country’s external position and raises concerns about the adequacy of foreig...
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How Sri Lanka Spent, Earned, and Borrowed in 2024?
The recently released CBSL Economic review shows that in 2024, government expenditure totalled LKR 6,131 billion. Nearly half—LKR 2,690 billion, or 44 percent—went on interest payments for existing debt. Day-to-day costs consumed...
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