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Interest Costs Have Been Eating Up Revenue
(Colombo: Verité Research, 2024)
In 2023, for the first time in history, the government spent 9% of its GDP on interest payments, which took up 80% of the government revenue. A high interest-to-revenue ratio can be severely detrimental to a country's ...
Economic Transformation Act (ETA) sets a primary balance target of 2.3% of GDP: Sri Lanka has achieved this target only once in last 74 years
(Colombo: Verité Research, 2024-08-27)
The Economic Transformation Act (ETA), enacted recently, sets out five targets related to the fiscal management of the government to be achieved in the coming years. , These targets, mentioned below, are aimed at ensuring ...
WHT and PAYE had the largest growth in Q3 2023
(Colombo: Verité Research, 2024)
The Fiscal Management Report 2024, recently released by the Ministry of Finance, offers a comprehensive analysis of the government's revenue streams. A notable highlight from the report is the remarkable growth in revenue ...
Primary and Budget Balances move in opposite directions as interest payments increase!
(Colombo: Verité Research, 2024-01)
The Fiscal Management Report 2024 published by the Ministry of Finance, shows that the Primary Balance improved from LKR -317 Bn in 3rd quarter 2022 to a positive LKR 124 Bn in 3rd quarter 2023. The Budget Deficit, however, ...
The Cost of a Kevili Table in 2024
(Colombo: Verité Research, 2024-04-06)
During Avurudu 2024, the cost of preparing a Kevili table was 2% less than in 2023. The ingredients used were taken from the popular YouTube Channel Appe Amma.
Petrol and Diesel Market Prices vs. Formula Price in October
(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 ...
Personal Income Tax (PIT): SL has the highest income tax rate at a lower income level in South Asia
(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 ...
Budget performance 2023 - Expenditure: Limit overshot by LKR 104 billion
(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 ...
Personal Income Tax (PIT): SL has the highest level of income with zero tax in South Asia
(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, ...
Sanitary napkins: Subjected to unreasonably high taxes
(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.