Higher taxes and economic growth drive SL’s budget surplus
- 5opn1
- January 3, 2025
- Business News
- Higher taxes and economic growth drive SL’s budget surplus
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Sri Lanka’s budget is getting into fine shape with substantially higher revenues made possible from higher taxes which are further supported by the robust recovery seen in the economy this year.
This has helped to further narrow the overall deficit while putting the primary balance in surplus for the second year running.
According to the data available through October 2024, the treasury has recorded a total revenue of Rs. 3,266.94 billion in the first ten months, up by a robust 34.2 percent from the same period in 2023.
This was mainly coming from the higher tax revenues which were at Rs. 3,000.25 billion in the same period last year, up 35.6 percent.
2024 was the second full year of higher taxes when taxes from income to goods and services to profits were raised exponentially under the International Monetary Fund programme entered into in 2022 as a fix to the shortage of foreign currency which Sri Lanka underwent in that year.
