• Revenue performance: January - August 2024 

  Public Finance Infographics;
  Econ Team (Colombo: Verité Research, 2024-10-29)

  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. This increase arises from high revenue growth across all major ...

• අයවැය විනිවිදභාවය: ලකුණු කාඩ්පත - රටවල් 125 කින් ශ්‍රී ලංකාව 80 වැනි ස්ථානයට පත්ව ඇත 

  Public Finance Infographics;
  Econ Team (Colombo: Verité Research, 2024-07-31)

  The Open Budget Survey (OBS) is the world’s only independent, comparative, and fact-based research instrument that uses internationally accepted criteria to assess public access to central government budget information, ...

• Sri Lanka's public sector outweighs Asian peers​ 

  Public Finance Infographics;
  Econ Team (Colombo: Verité Research, 2024-11-20)

  Sri Lanka’s public sector employment levels are highest among countries in South and Southeast Asia region. In 2023, 15% of the total 8 million workforce (1.16 million people) were employed in the public sector, including ...

• Petrol and Diesel Market Prices vs. Formula Price in November 

  Econ Team (Colombo: Verité Research, 2024-11)

  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 92 octane ...

• The Price of Parliament (2022) 

  Public Finance Infographics;
  Econ Team (Colombo: Verité Research, 2024-11)

  In 2022, the most recent year with detailed data, Sri Lanka spent LKR 3,248 million on operating its parliament, amounting to an average of LKR 32.2 million per sitting. This expenditure is divided across the subsections ...

• Sri Lanka’s government education expenditure is the world’s third lowest 

  Public Finance Infographics;
  Econ Team (Colombo: Verité Research, 2024-10)

  In 2022, Sri Lanka’s government, both provincial and central, allocated only 1.5 percent of GDP on all levels (including primary, secondary, and tertiary levels). This placed Sri Lanka as the third-lowest country in the ...

• Sri Lanka's government education expenditure is the lowest in South Asia 

  Public Finance Infographics;
  Econ Team (Colombo: Verité Research, 2024-10)

  In 2022, Sri Lanka’s government, both provincial and central, dedicated only 1.5 percent of its GDP to education, including primary, secondary, and tertiary levels. This places Sri Lanka at the bottom of the list for ...

• 9 Years Since Bond Scam 

  Public Finance Infographics;
  Econ Team (Colombo: Verité Research, 2024-02-27)

  The 27th of February marks nine years since the infamous “bond scam” of 2015. This resulted in a forensic audit, completed in 2019, on activities of the Central Bank of Sri Lanka (CBSL) with regard to bond market auctions ...

• Budget Transparency: Score card - Sri Lanka is ranked 80th out of 125 countries 

  Public Finance Infographics;
  Econ Team (Colombo: Verité Research, 2024-07-31)

  The Open Budget Survey (OBS) is the world’s only independent, comparative, and fact-based research instrument that uses internationally accepted criteria to assess public access to central government budget information, ...

• Forensic audit revealed LKR 10 bn loss to EPF in irregular bond market transactions 

  Public Finance Infographics;
  Econ Team (Colombo: Verité Research, 2024-10-04)

  The Presidential Commission of Inquiry that investigated the 2015 Bond Scam recommended a forensic audit of the EPF's historical transactions in the bond and equity markets. The forensic audit, published in 2019, produced ...

• Revenue foregone by government due to tax concessions 

  Public Finance Infographics;
  Econ Team (Colombo: Verité Research, 2024-04-01)

  For the fiscal year 2022/23 (April to March), tax concessions resulted in a total of LKR 978 billion in foregone revenue, the government reported on 31 March. The foregone revenue amounts to 56% of the total tax revenue ...

• Proposed 13% primary expenditure rule for Sri Lanka departs from economic theory and practice 

  Public Finance Infographics;
  Econ Team (Colombo: Verité Research, 2024-07-24)

  The government of Sri Lanka gazetted the Public Financial Management (PFM) Bill to enhance transparency, accountability, and control of public funds. A key provision of the bill is the establishment of a limit on government ...

• Verité Research proposed 4 policy actions in 2020 to enhance Sri Lanka's public finance processes 

  Public Finance Infographics;
  Econ Team (Colombo: Verité Research, 2024-08-30)

  The Public Financial Management Act, No. 44 of 2024 and the Parliamentary Budget Office Act, No. 6 of 2023, contain several key policy actions aimed at improving public finance management in Sri Lanka. In February 2020, ...

• Benefits of Adopting Measures to Facilitate Trade: A Case Study on Forest Permits for Exporting Horticultural Products 

  Research Brief;September 2024
  Econ Team (Colombo: Verité Research, 2024-09)

  Governments often mandate that traders secure permits before importing or exporting certain products to fulfill objectives such as protecting endangered species, endemic flora, and ensuring consumer safety. The time, cost, ...

• Personal income tax (PIT): SL’s tax burden is less at lower incomes but more at high incomes compared to South Asia 

  Econ Team (Colombo: Verite Research, 2024)

  Sri Lanka's personal income tax burden varies significantly between lower and higher income levels. At lower incomes, particularly for those earning below LKR 250,000 per month, the tax burden—measured as the percentage ...

• Personal Income Tax (PIT): SL has the highest income tax rate at a lower income level in South Asia 

  Public Finance Infographics;
  Econ Team (Colombo: Verite Research, 2024)

  Sri Lanka imposes its highest tax rate at a relatively lower income threshold compared to other South Asian countries. Individuals earning over LKR 308,333 per month are subject to a steep 36% tax rate, making Sri Lanka ...

• Personal Income Tax (PIT): SL has the highest level of income with zero tax in South Asia 

  Public Finance Infographics;
  Econ Team (Colombo: Verite Research, 2024)

  Sri Lanka has the highest tax-free income threshold in South Asia – without the Maldives. Citizens are exempt from paying income tax unless they earn over LKR 1.2 million annually (LKR 100,000 per month). In comparison, ...

• Budget performance 2023 - Expenditure: Limit overshot by LKR 104 billion 

  Public Finance Infographics;
  Econ Team (Colombo: Verite Research, 2024)

  The Ministry of Finance Annual Report, released on 31st May 2024, shows that in 2023, the Government of Sri Lanka exceeded its total expenditure by LKR 104 billion. The total expenditure budgeted based on the government’s ...

• Sanitary napkins: Subjected to unreasonably high taxes 

  Public Finance Infographics;
  Econ Team (Colombo: Verité Research, 2024-03)

  The total tax burden on Sanitary napkins in 2024 is 47.1%, this is significantly higher than the tax burden of selected non-essentials items, gold jewellery, raw silk, golf clubs and golf balls and military artillery weapons.

• Petrol and Diesel Market Prices vs. Formula Price in October 

  Econ Team (Colombo: Verite Research, 2024)

  Following the monthly fuel price revision for October, the market price of 92-octane petrol is LKR 10 above the fuel price formula, and the market price of Auto diesel is LKR 22 above the fuel price formula, as shown by ...

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