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Tax revenue misses IMF target in 1st quarter!
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 during the same period in 2022. Despite this growth, the Q1 2023 tax revenue collection fell short of the target set in agreement with the International Monetary Fund (IMF), which was LKR 650 billion, by 11%. Moreover, the tax-to-GDP ratio for the first quarter of 2023 was reported to be 7.9%. This is lower than the annual target of 9.7% agreed upon with the IMF, indicating a gap of 1.8 percentage points that needs to be bridged in order to meet the target agreed upon with the IMF for the year.
Featured Insight
Tax revenue misses IMF target in 1st quarter!
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 during the same period in 2022. Despite this growth, the Q1 2023 tax revenue collection fell short of the target set in agreement with the International Monetary Fund (IMF), which was LKR 650 billion, by 11%. Moreover, the tax-to-GDP ratio for the first quarter of 2023 was reported to be 7.9%. This is lower than the annual target of 9.7% agreed upon with the IMF, indicating a gap of 1.8 percentage points that needs to be bridged in order to meet the target agreed upon with the IMF for the year.
Featured Insight
Tax revenue misses IMF target in 1st quarter!
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 during the same period in 2022. Despite this growth, the Q1 2023 tax revenue collection fell short of the target set in agreement with the International Monetary Fund (IMF), which was LKR 650 billion, by 11%. Moreover, the tax-to-GDP ratio for the first quarter of 2023 was reported to be 7.9%. This is lower than the annual target of 9.7% agreed upon with the IMF, indicating a gap of 1.8 percentage points that needs to be bridged in order to meet the target agreed upon with the IMF for the year.
Featured Insight
Tax revenue misses IMF target in 1st quarter!
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 during the same period in 2022. Despite this growth, the Q1 2023 tax revenue collection fell short of the target set in agreement with the International Monetary Fund (IMF), which was LKR 650 billion, by 11%. Moreover, the tax-to-GDP ratio for the first quarter of 2023 was reported to be 7.9%. This is lower than the annual target of 9.7% agreed upon with the IMF, indicating a gap of 1.8 percentage points that needs to be bridged in order to meet the target agreed upon with the IMF for the year.
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Revenue
Insights and analysis of government revenue.
Earnings from Tourism: Are we getting it right?
Sri Lanka is expecting the earnings from tourism to play a significant role in driving the recovery of Sri Lanka’s foreign currency. However, there are important concerns accuracy of the estimated earnings from tourism....
From The PF Wire
Source:
The Morning
IRD beats target again, collects Rs. 902 b by 1H
The Inland Revenue Department (IRD) of Sri Lanka exceeded its tax collection target for the second consecutive quarter, collecting Rs. 902 billion in the first half of 2024, surpassing the target of Rs. 826 billion.
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Source:
EconomyNext
Sri Lanka 2021 imports surge to 20.6bn amid contro...
Sri Lanka’s imports surged to 2.2 billion US dollars in December 2022 from around 1.6 to 1.7 billion US dollars in earlier months, while full year imports rose to 20.6 billion dollars, higher than the 19.9 billion US dollars in the pre...
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Source:
EconomyNext
Sri Lanka taxes frozen mackerel at Rs 6.00 a kilo,...
Sri Lanka has issued a gazette notice taxing mackerel at 6.00 rupees a kilogram while taxing kurakkan at 70 rupee a kilogram. htt...
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Insight on Revenue
Income Tax Calculator
Try out our new income tax calculator and...
Will the Increase in Cigarette Taxes Mee...
On the 1st of Jan 2023, the government increased excises taxes on cigarettes by 20% as follows:
Gazetted Taxes are 4.3ppt to 15.4ppt of...
The infographics provide details on how the recent personal income t...
Cigarette Taxation Formula – The Cost of...
In 2019 the government introduced a policy where taxes and prices on...
Sri Lanka's Government Revenue in 2021 C...
Government revenue in 2021 was only 41% of its expenditure, which wa...
Changes in Tax Structure Leads to Shrink...
Sri Lanka experienced a significant change in its tax system for the...
Tax on Sanitary Napkins
On the
Government Revenue and Grants Over The P...
Revenue and Grants declined by LKR 91 BN from 2020 to 2021.
Sri Lanka’s Revenue to GDP Ratio Reaches...
Data on Sri Lanka’s revenue to GDP ratio is available from 195...
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Featured
Earnings from Tourism: Are we getting it right?
Sri Lanka is expecting the earnings from tourism to play a significant role in driving the recovery of Sri Lanka’s foreign currency. However, there are important concerns accuracy of the estimated earnings from tourism....
Read More
The Cost of a Kevili Table in 2023
This Avurudu, the cost of preparing a Kevili table has risen by 2.4 times since 2019. The basket of items one would usually find at Kevili table vary between households. Public Finance.lk used the following: Kokis...
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Maldives debt continues to rise at critical levels
The Maldives faces a significant economic challenge, with public debt reaching an alarming 134% of its GDP in 2024—a level widely regarded as dangerously high. This comes despite healthy real GDP growth of around five percent.
Read More
