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Government revenue set to rise by LKR 922 billion in 2025— What’s driving the increase?
VAT revenue is projected to rise by LKR 305 billion in 2025, driving one-third of the total increase in government revenue. It is the single largest revenue source, contributing 32 percent of the government’s total revenue. Of this, LKR 193 billion is expected from VAT on imports. Excise (Special Provisions) Duty is forecast to add LKR 215 billion, driven largely by motor vehicle duties, which alone are expected to contribute LKR 171 billion. Taxes on international trade and income tax are set to increase by LKR 174 billion and LKR 141 billion, respectively. Other taxes and levies will add LKR 51 billion, while non-tax revenue is expected to contribute LKR 37 billion.
විදසුන්
Government revenue set to rise by LKR 922 billion in 2025— What’s driving the increase?
VAT revenue is projected to rise by LKR 305 billion in 2025, driving one-third of the total increase in government revenue. It is the single largest revenue source, contributing 32 percent of the government’s total revenue. Of this, LKR 193 billion is expected from VAT on imports. Excise (Special Provisions) Duty is forecast to add LKR 215 billion, driven largely by motor vehicle duties, which alone are expected to contribute LKR 171 billion. Taxes on international trade and income tax are set to increase by LKR 174 billion and LKR 141 billion, respectively. Other taxes and levies will add LKR 51 billion, while non-tax revenue is expected to contribute LKR 37 billion.
විදසුන්
Government revenue set to rise by LKR 922 billion in 2025— What’s driving the increase?
VAT revenue is projected to rise by LKR 305 billion in 2025, driving one-third of the total increase in government revenue. It is the single largest revenue source, contributing 32 percent of the government’s total revenue. Of this, LKR 193 billion is expected from VAT on imports. Excise (Special Provisions) Duty is forecast to add LKR 215 billion, driven largely by motor vehicle duties, which alone are expected to contribute LKR 171 billion. Taxes on international trade and income tax are set to increase by LKR 174 billion and LKR 141 billion, respectively. Other taxes and levies will add LKR 51 billion, while non-tax revenue is expected to contribute LKR 37 billion.
විදසුන්
Government revenue set to rise by LKR 922 billion in 2025— What’s driving the increase?
VAT revenue is projected to rise by LKR 305 billion in 2025, driving one-third of the total increase in government revenue. It is the single largest revenue source, contributing 32 percent of the government’s total revenue. Of this, LKR 193 billion is expected from VAT on imports. Excise (Special Provisions) Duty is forecast to add LKR 215 billion, driven largely by motor vehicle duties, which alone are expected to contribute LKR 171 billion. Taxes on international trade and income tax are set to increase by LKR 174 billion and LKR 141 billion, respectively. Other taxes and levies will add LKR 51 billion, while non-tax revenue is expected to contribute LKR 37 billion.
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Sri Lanka moves closer to finalising debt restructuring with Japan
Sri Lanka’s Cabinet approved a debt restructuring agreement with JICA, following bipartisan negotiations and legal clearance, aiming to boost investor confidence and secure further international financial support....
2025-02-06
Daily FT
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නාගරික සංවර්ධනය සහ නිවාස
Unions warn of Rs. 300b loss if tax amnesty is not changed
Inland Revenue Department (IRD) officials have called on Finance Minister Basil Rajapaksa to reduce the period for the proposed tax amnesty for undisclosed income, warning that the government could lose a revenue of up to Rs 300 billion.
2021-08-15
Sunday Times
වැඩිදුර කියවන්න
Rs. 3,085.96 m allocated for 544 LG projects
The state ministry of Provincila councils and Local Government (LG) has taken steps to intitiate 544 projects by local government bodies at a cost of Rs. 3,085.96 million for the provision of public services.
2021-08-12
Daily News
වැඩිදුර කියවන්න
Govt. removes tax on milk powder imports
The Cabinet of Ministers this week reached a decision to remove all import taxes on milk powder to resume milk powder imports to the country while maintaining the controlled prices unchanged in the local market.
2021-08-11
Daily Mirror
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India’s Adani, SL’s JKH to Get 25-Year Tax Breaks
Declaring the proposed West Container Terminal (WCT) at the Colombo Port a Strategic Development Project, the Government of Sri Lanka has agreed to grant a 25-year tax holiday to India’s Adani Group and its local partner, John Keells H...
2021-08-07
Ceylon Today
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