- Sri Lanka needs to increase revenue collection for stability and growth
- Tax to GDP ratio is low and needs to be raised to 14%
- Higher tax revenue is needed for quality spending on education and health
- Failure to reach revenue target delayed IMF funding
- Budget 2024 aims to increase tax revenue to 12.1% of GDP
- VAT will be the main source of increased tax revenue
- VAT accounts for a significant portion of tax collection in many countries
- VAT revenue in Sri Lanka has declined due to policy changes and weak administration
- Policy changes have had a significant impact on VAT revenue collection
- Years with policy measures saw increased VAT revenue, while years with policy changes saw declines in revenue.
Source: newswire.lk
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
