Transcribed
Sri Lanka : Tax revenue
3.21.9 Tax revenue Taxes on external trade Taxes on good and services Income tax Total tax revenue % of GDP 15_ 10_ 5_ 2008 2009 2010 2011 2012 2013 Budget Sources: Central Bank of Sri Lanka. Annual Report 2011. http://www.cbsl.lk; Ministry of Finance and Planning and the Treasury of Sri Lanka. Budget Speech 2013. http://www. treasury.gov.lk 3.21.9 Tax revenue Taxes on external trade Taxes on good and services Income tax Total tax revenue % of GDP 15_ 10_ 5_ 2008 2009 2010 2011 2012 2013 Budget Sources: Central Bank of Sri Lanka. Annual Report 2011. http://www.cbsl.lk; Ministry of Finance and Planning and the Treasury of Sri Lanka. Budget Speech 2013. http://www. treasury.gov.lk
Sri Lanka : Tax revenue
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The planned expansion of revenue to 14.7% of GDP is to come mainly
through higher collection of value-added tax and improved efficiency
in tax collection, supported by higher economic growth and a be...
tter
external trade performance. Increasing revenue is, however, a difficult
task. Revenue has been declining as a share of GDP, even in years with
high economic growth (Figure 3.21.9). To decisively reverse this trend, tax
efficiency would need to improve substantially and the tax base to widen.
Average inflation in 2013 is expected to be 7.5%, little improved from a year earlier, despite the base effect from the energy price adjustments in 2012 disappearing in the second quarter 2013, expected declines in global commodity and oil prices, and expected exchange rate stabilization at
current levels. Gas prices were adjusted upward by 2% and diesel by 5% in the last week of February 2013. Further price increases are required
to address the current operating losses of the Ceylon Electricity Board (CEB), and to pay down debts to banks that funded previous years’ losses.
The estimated loss was about Rs89 billion (equal to 1.2% of GDP) for Ceylon Petroleum and Rs65 billion (0.9%) for the CEB. An increase in the national minimum wage is a risk that could top up inflationary pressures.
Monetary policy will therefore need to remain tight to limit second-round effects and anchor inflation expectations in 2013.
Sources: Central Bank of Sri Lanka.
Annual Report 2011.
http://www.cbsl.lk; Ministry of Finance and Planning and
the Treasury of Sri Lanka.
Budget Speech 2013.
http://www.treasury.gov.lk
Source
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