Sri Lanka corporate, non-corporate income tax revenue up 20-pct
ECONOMYNEXT – Sri Lankan government revenue generated from corporate and non-corporate income tax rose 20.4 percent to 166.2 billion rupees in the first eleven months of 2018 from 138 billion rupees a year ago, the finance ministry said.
Income taxes accounted for 17 percent of total revenue during the January – November 2018 period, after excise duty which brought in a quarter of total revenue and Value Added Tax which contributed 24 percent.
Of total tax revenue during the same period, income tax accounted for 19 percent, after import-based taxes which contributed 47 percent and domestic consumption-based taxes which brought in 31 percent.
The finance ministry said revenue generated from PAYE (pay as you earn) tax increased 26.6 percent to 37.1 billion rupees for the first eleven months of 2018, from 29.3 billion rupees in the same period of 2017.
The increase came from “the broadening of slabs applicable for taxable income coupled with the increase in the maximum progressive rate up to 24 percent from 16 percent,” the ministry said in a report.
(COLOMBO, March 18, 2019-SB)