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What Caused the Rise in Tax Revenue from 2021 to 2022?
In the Central Bank's Annual Report for 2022, the government's revenues witnessed a notable surge of 38%, soaring from Rs 1,484 billion to Rs 2,013 billion. A closer examination of the revenue breakdown reveals that a substantial portion of this growth stems from increments in Value Added Tax (VAT), Personal Income Tax and Corporate Tax, which experienced respective increments of Rs 155 billion and Rs 212 billion. Improving fiscal consolidation will be of paramount importance as Sri Lanka advances in its IMF program.
විදසුන්
What Caused the Rise in Tax Revenue from 2021 to 2022?
In the Central Bank's Annual Report for 2022, the government's revenues witnessed a notable surge of 38%, soaring from Rs 1,484 billion to Rs 2,013 billion. A closer examination of the revenue breakdown reveals that a substantial portion of this growth stems from increments in Value Added Tax (VAT), Personal Income Tax and Corporate Tax, which experienced respective increments of Rs 155 billion and Rs 212 billion. Improving fiscal consolidation will be of paramount importance as Sri Lanka advances in its IMF program.
විදසුන්
What Caused the Rise in Tax Revenue from 2021 to 2022?
In the Central Bank's Annual Report for 2022, the government's revenues witnessed a notable surge of 38%, soaring from Rs 1,484 billion to Rs 2,013 billion. A closer examination of the revenue breakdown reveals that a substantial portion of this growth stems from increments in Value Added Tax (VAT), Personal Income Tax and Corporate Tax, which experienced respective increments of Rs 155 billion and Rs 212 billion. Improving fiscal consolidation will be of paramount importance as Sri Lanka advances in its IMF program.
විදසුන්
What Caused the Rise in Tax Revenue from 2021 to 2022?
In the Central Bank's Annual Report for 2022, the government's revenues witnessed a notable surge of 38%, soaring from Rs 1,484 billion to Rs 2,013 billion. A closer examination of the revenue breakdown reveals that a substantial portion of this growth stems from increments in Value Added Tax (VAT), Personal Income Tax and Corporate Tax, which experienced respective increments of Rs 155 billion and Rs 212 billion. Improving fiscal consolidation will be of paramount importance as Sri Lanka advances in its IMF program.
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No immediate impact on nominal debt stock via restructuring: Finance Min.
Sri Lanka's Ministry of Finance explained that debt relief measures like maturity extensions and interest rate reductions help reduce future budget deficits and improve the debt-to-GDP ratio. This is key to achieving debt...
2024-07-01
Daily Mirror
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No immediate impact on nominal debt stock via restructuring: Finance Min.
Sri Lanka's Ministry of Finance explained that debt relief measures like maturity extensions and interest rate reductions help reduce future budget deficits and improve the debt-to-GDP ratio. This is key to achieving debt...
2024-07-01
Daily Mirror
වැඩිදුර කියවන්න
IMF says debt deal key to restoring debt sustainability
Sri Lanka has signed agreements with China and other creditor nations to restructure approximately US$10 billion in bilateral debt, a significant step towards restoring debt sustainability, according to the IMF. The cou...
2024-06-28
Daily Mirror
වැඩිදුර කියවන්න
SL concludes debt restructuring agreements
Sri Lanka has finalized comprehensive debt restructuring agreements with key bilateral creditors, including the Official Creditor Committee and China Exim Bank, valued at USD 10 billion.
2024-06-27
Daily News
වැඩිදුර කියවන්න
SL to implement imputed rental income tax in 2025
Sri Lanka will implement an Imputed Rental Income Tax in Q2 2025, targeting owners of multiple unoccupied homes to increase state revenue by 0.2% of GDP in 2025 and 0.4% in 2026.
2024-06-27
The Morning
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