- Collects Rs. 35 b more in 2Q as against 1Q; YoY at Rs. 55 b
- Budget deficit down by 52% in 1H from a year ago
During the first half of 2024, Government revenue and grants increased to Rs. 1.86 trillion compared to Rs. 1.31 trillion in the corresponding period of 2023.
Tax revenue in first half of 2024 was Rs. 1.7 trillion, as against Rs. 1.2 trillion a year ago.
Total expenditure and net lending decreased to Rs. 2.46 trillion from January to June 2024 compared to Rs. 2.56 trillion in the corresponding period of 2023.
Recurrent expenditure was Rs. 2.21 trillion in 1H of 2024, marginally down from Rs. 2.32 trillion a year ago.
Primary Balance in 1H of 2024 was Rs. 173 billion, as against a negative figure of Rs. 895 billion a year ago.
During the first half of 2024, the overall budget deficit decreased to Rs. 598.7 billion compared to Rs. 1.24 trillion recorded in the corresponding period of 2023.
In 2023, revenue and grants crossed the Rs. 3 trillion mark, as against Rs. 2 trillion in 2022. Tax revenue grew to Rs. 2.7 trillion from Rs. 1.7 trillion in 2022.
Expenditure and lending (minus repayments) in 2023 was Rs. 5.3 trillion in comparison to Rs. 4.4 trillion in the previous year. Recurrent expenditure was Rs. 4.7 trillion, up from Rs. 3.5 trillion. Primary Balance was a positive Rs. 173 billion in 2023 as against a negative figure of Rs. 895 billion in 2022.
During the period from January to June 2024, net domestic financing decreased to Rs. 515.8 billion compared to Rs. 1.21 trillion in the corresponding period of 2023. Net foreign financing increased to Rs. 82.9 billion during the first half of 2024 compared to the Rs. 24 billion a year ago.
During 2023, net domestic financing decreased to Rs. 1.78 trillion from Rs. 2.03 trillion in 2022. Net foreign financing amounted to Rs. 494.6 billion, as against Rs. 424.82 billion in 2022.
In 2023, the overall budget deficit decreased to Rs. 2.28 trillion from Rs. 2.46 trillion in 2022.
- https://www.ft.lk/front-page/Govt-s-tax-revenue-effort-gathers-momentum-in-1H/44-765985
Sri Lanka Customs confident of exceeding Rs. 1 t historic revenue milestone by next month
- Customs Director-General Sarath Nonis says Department reached Rs. 973 b YTD, confident of achieving Rs. 1.5 t target of 2024
- Asserts enhanced detection, minimised leakages, and technology drive revenue growth
- Focuses on integrity, anti-corruption measures; suspends over 25 officers
- Calls on exporters to capitalise on $ 7 b spice market opportunities in EU
Sri Lanka Customs Director-General Sarath Nonis expressed confidence that the Department is on track to achieve a historic revenue milestone of Rs. 1 trillion by mid-September.
Speaking as the Chief Guest at the 40th AGM of the Spices and Allied Products Producers’ and Traders’ Association (SAPPTA) last Friday, Nonis highlighted the significant progress made in tax revenue collection this year.
“We have already reached a high of Rs. 973 billion in tax revenue up-to-date and I am confident that Sri Lanka Customs will see its tax revenue reaching Rs. 1 trillion for the first time in its history by next month,” he added.
He noted that last year, Sri Lanka Customs achieved a record revenue of Rs. 970 billion and has set a target of Rs. 1.5 trillion for 2024.
Nonis expressed optimism that the Department will meet its ambitious target by the end of this year.
- https://www.ft.lk/front-page/Sri-La...ric-revenue-milestone-by-next-month/44-765990
