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Sri Lanka to be Saddled with High Interest Bill in 2024
(Colombo: Verite Research, 2023-10-09)
The Appropriation Bill for Budget 2024 indicates an increase in allocated expenditure from LKR 5854 bn in 2023 to LKR 6563 bn in 2024. Interest payments saw a 20 percent rise, from LKR 2189 bn in 2023 to LKR 2634 bn. In ...
VAT to reach 20 year high from January
(Colombo: Verite Research, 2023-11-01)
Initially introduced in 2002, the VAT comprised two tiers: a 10% rate applicable to certain goods and services, and a 20% rate for others. However, in 2004, these rates were unified to a 15% rate, which was officially ...
Public Debt Increases in Dollar Value While Decreasing in Rupee Value
(Colombo: Verite Research, 2023-12-19)
According to recent data published by the Ministry of Finance, public debt in dollar terms fell from USD 97 Bn (end 2021) to USD 85 Bn (end 2022), however rose again to USD 91 Bn by September 2023.
The debt stock in ...
Changes in Allocations to Ministries
(Colombo: Verite Research, 2023-10-13)
In the Appropriation Bill for 2024, key ministries such as Finance, Defense, Health, Education, Transport, and Highways witness an increase in their allocations.
The Ministry of Finance experienced the largest year on ...
Sectoral Allocations: Budget 2024
(Colombo: Verite Research, 2023-11-13)
This series of infographics contains sectoral allocations from Budget 2024. Allocations to Finance, Defence and Health were among the highest.
Summary: Budget 2024
(Colombo: Verite Research, 2023-11-13)
Budget 2024 expects budget deficit for the year 2024 to increase by 19%.
What Caused the Rise in Tax Revenue from 2021 to 2022?
(Colombo: Verite Research, 2023-06-30)
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 ...
Will the Increase in Cigarette Taxes Meet Budgeted Revenue?
(Colombo: Verite Research, 2023-01-05)
On January 1st, 2023, the government decided to raise the excise taxes on cigarettes by 20%. The increase affected various sizes of cigarettes differently, with the smallest size (no larger than 60mm) seeing a tax increase ...
Why did Sri Lanka fall short of revised 2022 tax revenue target?
(Colombo: Verite Research, 2023-07-20)
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 deficits, excessive ...
Large Scale Infrastructure Small Scale Disclosure
(Colombo: Verite Research, 2023-09-04)
Despite the Right to Information (RTI) Act’s proactive disclosure requirement, only 18% and 25% of information required to be disclosed on large-scale infrastructure projects were proactively disclosed online in 2022 and ...