The Central Bank of Sri Lanka has expressed its readiness to support the government should it decide to ease restrictions on motor vehicle imports. This indication comes in light of Sri Lanka’s stable balance of payments and a current account surplus for the second consecutive year, according to Central Bank Governor Nandalal Weerasinghe in an
A recent study by the Institute of Policy Studies (IPS) reveals that the Sri Lankan government lost an alarming Rs.80 billion in tax revenue in 2023, primarily due to widespread evasion of the Personal Income Tax (PIT) among eligible taxpayers. The research assessed tax contributions across various income groups, highlighting a concerning trend that directly
The Cabinet has officially approved the IT Strategic Plan for the Inland Revenue Department, as announced by Cabinet Spokesman and Minister Dr. Bandula Gunawardhana during a press conference held at the Government Information Department on September 10, 2024. Dr. Gunawardhana detailed that the IT Strategic Plan, designed to digitize the Inland Revenue Department, was a
The Maldives’ cabinet of ministers has approved a plan to dollarize a portion of the country’s government revenues, including income tax, customs duties, and pension contributions, according to a media report. This new policy will apply to businesses that generate income in foreign currency. The decision comes as the Maldives faces a shortage of foreign
Sri Lanka has seen a substantial increase in government revenue, with a 41% rise year-on-year (y-o-y) in the first six months of 2024, totaling Rs. 1,860 billion. This achievement marks the collection of 52% of the estimated revenue for the year, according to Finance State Minister Ranjith Siyambalapitiya. Speaking in Parliament on August 7, Siyambalapitiya
Sri Lanka’s Immigration and Emigration Department has surpassed its revenue projections for 2023, achieving a record Rs.42.76 billion in total revenue. This performance was bolstered by increased tourist arrivals and a higher number of passport issuances. The department had initially forecasted a revenue of Rs.28.1 billion for the year, but actual earnings soared to Rs.42.76