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Fiscal Targets: Budget 2024
(Colombo: Verite Research, 2023-11-13)
Projections in Budget 2024 expect revenue to be 13.1% of GDP in 2024.
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 ...
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 ...
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 ...
Total and primary deficits run in opposite directions
(Colombo: Verite Research, 2023-09-22)
The governments primary deficit improved in the first half of 2023 compared to the corresponding period in 2022, while the budget deficit worsened increasing from LKR -903 Bn to LKR -1,243 Bn which implies a significant ...
Sri Lanka's Unique Revenue Problem
(Colombo: Verite Research, 2023-04-28)
Tax to GDP and GDP per capita for most South Asian countries shows a positive relationship. For example, Bhutan had a tax to GDP of 10% in and GDP per capita of 4% in the year 2000. By 2020, tax to GDP had risen to just ...
Tax revenue misses IMF target in 1st quarter!
(Colombo: Verite Research, 2023-08-04)
According to the 2022 Annual Report from the Ministry of Finance, tax revenue for the first quarter of 2023 experienced a surge of 56%, amounting to LKR 578 billion. This was a increase from the LKR 370 billion collected ...
How did Sri Lanka Finance Government Expenditure in 2022?
(Colombo: Verite Research, 2023-05-15)
Total government expenditure for the year 2022 amounted to LKR 4,472 billion. Out of which total revenue and grants could only cover 45% of spending while the remaining 55% was financed via borrowings.
Highlights from the Appropriation Bill for 2024
(Colombo: Verite Research, 2023-10-06)
The Appropriation Bill shows that there is a 12% increase in expenditure planned for 2024. Interest payments alone remain more than one-third of total spending in 2024, reflecting an increase of 20% from 2023.