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Government revenue rose during the first eight months of 2024

During the first eight months of 2024, government revenue rose from LKR 1,819 billion to LKR 2,557 billion compared to the same period in the previous year.

2023 Budget's revenue target missed by LKR 382 Bn

The Ministry of Finance Annual Report, released on 31st May 2024, shows that in 2023, total revenue including grants fell short of the Budget target by LKR 382 billion or 11%. In 2023, actual total revenue and grants amounted to&n...

Why did Sri Lanka fall short of revised 2022 tax revenue target?

Sri Lanka missed its tax revenue target in 2022, falling short by Rs 101 bn. Prioritizing fiscal consolidation has been given greater importance as part of the current IMF program. A series of budget deficit...

Cigarette Tax Indexation: Getting it Right and Getting it Wrong

The indexation method introduced in 2019 Budget addresses two pervasive problems in cigarette taxation: (a) lack of regularity and consistency in tax increases, and (b) failure to reduce affordability of cigarettes.

Who is responsible for Alternative facts on Cigarette Taxation?

The term ‘Alternative Facts’ has come to describe ‘blatant falsehoods’ spread to the media by those in power who purposely create doubt about even obvious and easily verifiable facts. Over the last few months, the Sri...