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VAT revenue collection: Maldives highest, Sri Lanka lowest
Sri Lanka has the lowest tax revenue collected through Value Added Tax (VAT) in South Asia while Maldives with a lower tax rate collects nearly 5 times more through its Goods and Services Tax (GST). In 2023, Sri Lanka’s VAT rate was 15%, which generated LKR 694 billion—equivalent to 2.5% of GDP—making it the lowest in South Asia. In contrast, countries with similar or lower VAT rates collected higher revenue. For example, Bangladesh, with a similar rate, collected revenue amounting to 3.6% of GDP, and Nepal, with a lower rate of 13%, generated 5.3% of its GDP from VAT in 2023. The Maldives stands out with a Goods and Services Tax (GST) that raises revenue amounting to 12% of GDP, despite having a lower average rate of about 12% (8% for general GST and 16% for tourism GST). Although it is termed “GST,” the system functions similarly to Sri Lanka’s VAT by allowing businesses to charge GST on sales (output tax) and claim credits for GST paid on purchases (input tax). Although the reported value of goods taxed under General GST and the Tourism GST rate is about the same, the Maldives secures twice as much revenue from its Tourism GST due to the higher 16% rate.
Featured Insight
VAT revenue collection: Maldives highest, Sri Lanka lowest
Sri Lanka has the lowest tax revenue collected through Value Added Tax (VAT) in South Asia while Maldives with a lower tax rate collects nearly 5 times more through its Goods and Services Tax (GST). In 2023, Sri Lanka’s VAT rate was 15%, which generated LKR 694 billion—equivalent to 2.5% of GDP—making it the lowest in South Asia. In contrast, countries with similar or lower VAT rates collected higher revenue. For example, Bangladesh, with a similar rate, collected revenue amounting to 3.6% of GDP, and Nepal, with a lower rate of 13%, generated 5.3% of its GDP from VAT in 2023. The Maldives stands out with a Goods and Services Tax (GST) that raises revenue amounting to 12% of GDP, despite having a lower average rate of about 12% (8% for general GST and 16% for tourism GST). Although it is termed “GST,” the system functions similarly to Sri Lanka’s VAT by allowing businesses to charge GST on sales (output tax) and claim credits for GST paid on purchases (input tax). Although the reported value of goods taxed under General GST and the Tourism GST rate is about the same, the Maldives secures twice as much revenue from its Tourism GST due to the higher 16% rate.
Featured Insight
VAT revenue collection: Maldives highest, Sri Lanka lowest
Sri Lanka has the lowest tax revenue collected through Value Added Tax (VAT) in South Asia while Maldives with a lower tax rate collects nearly 5 times more through its Goods and Services Tax (GST). In 2023, Sri Lanka’s VAT rate was 15%, which generated LKR 694 billion—equivalent to 2.5% of GDP—making it the lowest in South Asia. In contrast, countries with similar or lower VAT rates collected higher revenue. For example, Bangladesh, with a similar rate, collected revenue amounting to 3.6% of GDP, and Nepal, with a lower rate of 13%, generated 5.3% of its GDP from VAT in 2023. The Maldives stands out with a Goods and Services Tax (GST) that raises revenue amounting to 12% of GDP, despite having a lower average rate of about 12% (8% for general GST and 16% for tourism GST). Although it is termed “GST,” the system functions similarly to Sri Lanka’s VAT by allowing businesses to charge GST on sales (output tax) and claim credits for GST paid on purchases (input tax). Although the reported value of goods taxed under General GST and the Tourism GST rate is about the same, the Maldives secures twice as much revenue from its Tourism GST due to the higher 16% rate.
Featured Insight
VAT revenue collection: Maldives highest, Sri Lanka lowest
Sri Lanka has the lowest tax revenue collected through Value Added Tax (VAT) in South Asia while Maldives with a lower tax rate collects nearly 5 times more through its Goods and Services Tax (GST). In 2023, Sri Lanka’s VAT rate was 15%, which generated LKR 694 billion—equivalent to 2.5% of GDP—making it the lowest in South Asia. In contrast, countries with similar or lower VAT rates collected higher revenue. For example, Bangladesh, with a similar rate, collected revenue amounting to 3.6% of GDP, and Nepal, with a lower rate of 13%, generated 5.3% of its GDP from VAT in 2023. The Maldives stands out with a Goods and Services Tax (GST) that raises revenue amounting to 12% of GDP, despite having a lower average rate of about 12% (8% for general GST and 16% for tourism GST). Although it is termed “GST,” the system functions similarly to Sri Lanka’s VAT by allowing businesses to charge GST on sales (output tax) and claim credits for GST paid on purchases (input tax). Although the reported value of goods taxed under General GST and the Tourism GST rate is about the same, the Maldives secures twice as much revenue from its Tourism GST due to the higher 16% rate.
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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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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
மேலும் வாசிக்க
SL ends 2024 with $ 6 b trade deficit
Sri Lanka's trade deficit widened to $6.07 billion in 2024 as imports grew faster than exports, driven by higher trade volumes despite declining unit values.
2025-02-03
Daily FT
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Export earnings hit all-time high of $ 16.17 b in 2024
In 2024, Sri Lanka achieved its highest-ever export earnings of $16.17 billion, a 7.06% year-on-year growth, driven by $12.7 billion in merchandise exports (6.67% growth) and $3.46 billion in services exports (8.51% growth)...
2025-01-27
Daily FT
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Budget 2025 aimed at involving all segments linked to SL’s economic processes: President
President Anura Kumara Dissanayake emphasized the need for the 2025 budget to ensure equitable economic distribution, extend urban benefits to grassroots levels, strengthen public transportation, optimize decentralised funds,...
2025-01-22
Daily Mirror
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