Verité Research Institutional Knowledge Repository
Verité Research (VR) Institutional Knowledge Repository (IKR) is a service that captures, stores, preserves and disseminates the intellectual output of the organization. While preserving organisation's legacy it enhances scholarly communication.
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Report to the Hon. Minister of Finance as required under Section 64 and 68 of the Monetary Law Act
(2022-03-10)This report dated 10th March 2022, was submitted by Ajith Nivard Cabraal, the Governor and the Chairman of the Monetary Board of Sri Lanka to Basil Rajapaksa, the Hon. Minister of Finance, under Section 64 and Section 68 ... -
Personal income tax (PIT): SL’s tax burden is less at lower incomes but more at high incomes compared to South Asia
(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
(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
(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
(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 ...