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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 LKR 3,074 billion, while the approved estimates set at the end of 2022 for 2023 were LKR 3,456 billion. Among the revenue components, VAT contributed the most to the shortfall, accounting for over half of the gap, missing its estimate by LKR 214 billion or 24%. Excise duty also significantly underperformed, falling short by LKR 88 billion. Conversely, some revenue components exceeded their approved estimates. Revenue from Withholding Taxes and Pay-As-You-Earn (PAYE) taxes made surpluses of LKR 68 billion and LKR 45 billion, respectively, or 76% and 45% above the target. This increase could be due to the reintroduction of Withholding Taxes and PAYE at the beginning of 2023.
Featured Insight
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 LKR 3,074 billion, while the approved estimates set at the end of 2022 for 2023 were LKR 3,456 billion. Among the revenue components, VAT contributed the most to the shortfall, accounting for over half of the gap, missing its estimate by LKR 214 billion or 24%. Excise duty also significantly underperformed, falling short by LKR 88 billion. Conversely, some revenue components exceeded their approved estimates. Revenue from Withholding Taxes and Pay-As-You-Earn (PAYE) taxes made surpluses of LKR 68 billion and LKR 45 billion, respectively, or 76% and 45% above the target. This increase could be due to the reintroduction of Withholding Taxes and PAYE at the beginning of 2023.
Featured Insight
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 LKR 3,074 billion, while the approved estimates set at the end of 2022 for 2023 were LKR 3,456 billion. Among the revenue components, VAT contributed the most to the shortfall, accounting for over half of the gap, missing its estimate by LKR 214 billion or 24%. Excise duty also significantly underperformed, falling short by LKR 88 billion. Conversely, some revenue components exceeded their approved estimates. Revenue from Withholding Taxes and Pay-As-You-Earn (PAYE) taxes made surpluses of LKR 68 billion and LKR 45 billion, respectively, or 76% and 45% above the target. This increase could be due to the reintroduction of Withholding Taxes and PAYE at the beginning of 2023.
Featured Insight
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 LKR 3,074 billion, while the approved estimates set at the end of 2022 for 2023 were LKR 3,456 billion. Among the revenue components, VAT contributed the most to the shortfall, accounting for over half of the gap, missing its estimate by LKR 214 billion or 24%. Excise duty also significantly underperformed, falling short by LKR 88 billion. Conversely, some revenue components exceeded their approved estimates. Revenue from Withholding Taxes and Pay-As-You-Earn (PAYE) taxes made surpluses of LKR 68 billion and LKR 45 billion, respectively, or 76% and 45% above the target. This increase could be due to the reintroduction of Withholding Taxes and PAYE at the beginning of 2023.
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November 2024 Fuel Price Update: Market Prices Hold Steady Amid Changes in Formula prices
Following the monthly fuel price revision on 01 November 2024, the market price of 92-octane petrol and the market price of auto diesel remained unchanged. However, the cost-reflective fuel formula prices for Petrol 92 decreased by LKR 2.02,...
2024-11-06
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Expenditure on the Energy & Water Supply Sector (2010 – 2019)
2021-05-26
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Has the Government Fulfilled its Policy Promises in the Power, Energy & Water Supply Sector Through the 2021 Budget?
The National Policy Framework: Vistas of Prosperity and Splendour is the government’s official policy document. As such the government is bound to implement the policies mentioned in this policy document. For the majority of t...
2021-04-05
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Have Governments Fulfilled their Energy & Water Supply-related Budget Promises?
Have consecutive governments stuck to their budget promises? In the past, governments have displayed deviations to their expenditure commitments. Here is a snapshot showing the dev...
2020-08-15
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