Sri Lanka budget deficit down 40-pct to September, taxes up 39-pct
- 5opn1
- November 25, 2024
- Business News
- Sri Lanka budget deficit down 40-pct to September, taxes up 39-pct
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Sri Lanka’s tax revenue was up 39 percent to 2,918.3 billion rupees in the nine months to September 2024 from a year ago, while the budget deficit was down 40 percent, official data show.
Tax revenues were going in line with a 40 percent projection in the budget, though collections can be lumpy and unevenly distributed across months.Non-tax revenues were up 30 percent to 229.7 billion rupees.
Total revenues were around 9.3 percent of GDP for the nine months, up from 7.6 percent last year. Sri Lanka is targeting at least 13 percent of GDP revenues this year.The current account deficit of the budget (total revenues less current spending) which is in deficit in Sri Lanka, fell 58 percent to 516.3 billion rupees, which is around 1.6 percent of projected GDP.
Capital expenditure rose 14 percent to 463.2 billion rupees. Sri Lanka is gradually coming out of default and project financing will eventually expand the capital budget.Interest expenses was virtually flat rising only 1 percent to 1,754.9 billion rupees, as Treasuries yields continue to come down amid the stability coming from deflationary monetary policy.
