Infographics: Recent submissions

Now showing items 1-20 of 146

    • 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 ...

    • 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 

      Public Finance Infographics;
      Econ Team       (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 

      Public Finance Infographics;
      Econ Team       (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! 

      Public Finance Infographics;
      Econ Team       (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, ...

    • Interest Costs Have Been Eating Up Revenue 

      Public Finance Infographics;
      Econ Team       (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 ...

    • The Cost of a Kevili Table in 2024 

      Econ Team (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.

    • 2023 Budget's revenue target missed by LKR 382 Bn 

      Public Finance Infographics;
      Econ Team       (Verité Research, 2024-08)
      The Ministry of Finance Annual Report, released on 31st May 2024, shows that in 2023, total revenue including grants fell short of the Budget target by LKR 382 billion or 11%. In 2023, actual total revenue and grants ...

    • Petrol and Diesel vs. fuel price formula in July (2024) 

      Public Finance Infographics;
      Econ Team       (Colombo: Verite Research, 2024-07-03)
      Following the monthly fuel price revision for July, the market price of 92-octane petrol is LKR 16.67 above the fuel price formula, and the market price of Auto diesel is LKR 21.68 above the fuel price formula, as shown ...

    • How did the government revenue rise by 53% in 2023? 

      Public Finance Infographics;
      Econ Team       (Colombo: Verite Research, 2024-06-03)
      The Central Bank's Annual Economic Review for 2023 shows that government revenue increased significantly by 53% (LKR 1,062 billion) compared to 2022. This growth was driven by a broad range of taxes, with VAT contributing ...

    • How did the government finance its expenditure in 2023? 

      Public Finance Infographics;
      Econ Team       (Colombo: Verite Research, 2024-05-27)
      The 2023 fiscal numbers, recently released through the Central Bank of Sri Lanka's Annual Economic Review, reveal that the Government of Sri Lanka's total expenditure for 2023 was LKR 5,357 billion. A significant portion ...

    • Where do 92 Octane and Auto Diesel stand after the recent price reduction? (June 2024) 

      Public Finance Infographics;
      Econ Team       (Colombo: Verite Research, 2024-06-14)
      On 31 May 2024, fuel prices in Sri Lanka were reduced. The price of 92-octane petrol was lowered by LKR 13, bringing it to LKR 355 per litre, while Auto diesel saw a reduction of LKR 16, lowering the price to LKR 317 per ...

    • 2023 government expenditure surge matches the increase in interest payments​ 

      Public Finance Infographics;
      Econ Team       (Colombo: Verite Research, 2024-06-26)
      Government spending increased by 20% in 2023, reaching LKR 5,357 billion, up from LKR 4,473 billion in 2022. This LKR 884 billion increase was primarily due to an LKR 890 billion rise in interest payments. In contrast, ...

    • Sri Lanka’s IMF Programme Was Supposed To Succeed by Improving Governance. Will It? 

      Public Finance Infographics;
      Econ Team       (2024-06)
      On June 12, the IMF board will sign off on Sri Lanka’s third disbursement under the current programme. But Sri Lanka is still failing on the governance improvements that are foundational for its economic recovery. According ...

    • 30% of IMF Programme Commitments Due in April Not Met 

      Public Finance Infographics;
      Econ Team       (2024-05-16)
      By the end of April 2024, Sri Lanka has not met 30% of its due commitments, which translates to a total of 19 unfulfilled obligations. The majority of these unmet commitments pertain to enhancing transparency and enacting ...

    • Over Estimation of Social Security Contribution 

      Public Finance Infographics;
      Econ Team       (2021-12-10)
      Budget 2022 proposed a Social Security Contribution (SSC) tax to rebuild the Sri Lankas Economy from the COVID- 19 pandemic. SSC is charged at 2.5% on an annual turnover exceeding LKR 120 million. This tax is proposed to ...