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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...

VAT to reach 20 year high from January

The Cabinet recently sanctioned an increase in the Value Added Tax (VAT) rate, is due to come into effect on January 1, 2024. This amendment will increase the rate from the present 15% to 18%, marking the highest level in two decades....

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...