Sri Lanka tax revenues surge 25% up to June in inflation

Sri Lanka
By Editor_1

COLOMBO – Sri Lanka’s tax revenues have surged 25% to 798.5 billion rupees up to June 2022 amid high inflation, while non-tax revenues brought in 119 billion rupees, up 63% from a year ago, official data shows.

Sri Lanka’s economy is expected to inflate to around 23.8 trillion rupees in 2022 from 16.8 trillion in 2021 as the currency depreciated and prices soared in an ‘inflationary blow off’ which is technically known as High Inflation Financial Repression (IFR).

In the first half of 2022 nominal GDP was already 10.7 trillion rupees, up from 8.6 trillion last year. Sri Lanka’s inflation hit 54.6%  in the 12 months to June 2022.

Revenue is coming despite import controls.

In an interim budget for 2022, full year tax revenues of 1,852 billion rupees were expected.

Current spending grew 20% to 1,571 billion rupees up to June, giving a current account/revenue deficit of 653 billion rupees.

The revenue deficit of the budget fell to 2.7% of GDP based on projected GDP down from 3.5% last year. However interest costs will pick up later in the year.

An interim budget forecasted full year current spending to 3,620 billion rupees, with hikes in value added tax with no salary increases.

State wages will eventually have to be hiked as inflation bites. Sri Lanka has a bloated public sector due to non-existent jobs being provided to unemployed in populist political moves.

Capital and net spending grew 36% to 250.2 billion rupees.

The overall budget deficit grew 16% to 902.2 billion rupees from 780 billion a year ago. As a share of GDP the deficit was down to 3.8% of GDP from 4.6%.

-economynext.com

 

Editor_1
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