The Central Bank’s Annual Report for 2022 shows the government’s revenues witnessed a notable surge of 38%, soaring from Rs 1,484 billion to Rs 2,013 billion, Sri Lankan think-tank, Verité Research reported.
As per the report, a closer examination of the revenue breakdown reveals that a substantial portion of this growth stems from increments in Value Added Tax (VAT), Personal Income Tax and Corporate Tax, which experienced respective increments of Rs 155 billion and Rs 212 billion.
Verité Research’s report further states improving fiscal consolidation will be of paramount importance as Sri Lanka advances in its International Monetary Fund (IMF) program. (NewsWire)
