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Estimated Rs 1,400 bn, from VAT in 2024
ECONOMYNEXT –Sri Lanka is expecting 1,400 billion rupees from Value Added Tax in 2024, after broadening the base and raising the rate, Director of the State Revenue Unit of the President’s Office K K I Eranda has said.
Though 600 billion rupees was expected from VAT in 2023 only about 450 billion had been collected so far, Eranda told reporters at the President’s media office.Due to exemptions given in the past, there is leakage of taxes and the government was forced to broaden the base, he said.
The VAT threshold which was at 15 million rupees a year was raised to 300 resulting in large numbers of payers dropping. It was then reduced to 80 million as part of efforts to raise taxes after the debt default and will be reduced to 60 million from January.
The Deputy Director of Economic Research at the Central Bank, Janaka Edirisinghe said in many countries VAT revenues were six to eight percent of GDP. In 2024 VAT revenues are targeted to increase to four percent of GDP. However, it was below the optimal level, he said. This year VAT was estimated to be only 2.2 percent of GDP.
Following the conclusion of bilateral discussions between President Anura Kumara Disanayake and Prime Minister of India, Shri Narendra Modi, official-level talks between the delegations of Sri Lanka and India commenced this morning (05) at the Presidential Secretariat in Colombo.
Representing the Government of Sri Lanka were Prime Minister Dr. Harini Amarasuriya, Minister of Foreign Affairs, Foreign Employment and Tourism, Vijitha Herath; Minister of Labour and Deputy Minister of Economic Development, Anil Jayantha; Secretary to the President Dr. Nandika Sanath Kumanayake; Governor of the Central Bank of Sri Lanka, Dr. P. Nandalal Weerasinghe, along with other senior officials.
The Indian delegation included Minister of External Affairs Dr. S. Jaishankar, National Security Advisor Ajit Doval, Foreign Secretary Vikram Misri and His Excellency Santosh Jha, High Commissioner of India to Sri Lanka, along with several other senior officials of the Government of India.
Indian Prime Minister Shri Narendra Modi, who arrived in Sri Lanka on the invitation of President Anura Kumara Disanayake on Friday [04] night, visited the Presidential Secretariat this morning (05).
The Indian Prime Minister was warmly welcomed by President Anura Kumara Disanayake upon his arrival at the Presidential Secretariat.
Prime Minister Modi is currently on a state visit to Sri Lanka, reaffirming the theme “Friendship of Centuries — Commitment to a Prosperous Future” which symbolises the longstanding ties between Sri Lanka and India. The Indian Premier is scheduled to remain in the country until tomorrow (06).
[PMD]
The official welcoming ceremony for Indian Prime Minister Narendra Modi, was held this morning (05) at the Independence Square in Colombo.
On arrival at the Independence Square the Indian Prime Minister was warmly welcomed by President Anura Kumara Disanayake.
Discussions between Sri Lankan and Indian delegations at the presidential secretariat
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Indian Prime Minister Shri Narendra Modi arrives at the presidential secretariat
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