United States Virginia change
Sri Lanka Breaking News
Sri Lanka parliament
vivalankaSri Lanka newsSri Lanka businessSri Lanka sportsSri Lanka technologySri Lanka travelSri Lanka videosSri Lanka eventssinhala newstamil newsSri Lanka business directory
vivalanka advertising
Menu
Stay Connected
facebooktwittermobile
Popular Searches
T20 World Cup
Sponsored Links
Sri Lanka Explorer

Tax Revenue Fixed At 13.6% of GDP

Apr 23, 2011 3:25:56 PM - thesundayleader.lk

Government’s total revenue and grants last year were Rs. 835,129 million (14.9% of GDP) according to provisional estimates. This compares with the previous year’s figure of Rs. 725, 566 million (15% GDP), a marginal 0.1% GDP decrease year on year (YoY).
However approved estimates were 0.4% GDP more, at Rs. 840,716 million (15.3% GDP). Approved estimates for the current year (2011) are Rs. 985, 920 million (15.6% of GDP).
Meanwhile expenditure and lending minus repayments last year were Rs. 1,280,205 million (22.9% of GDP). Approved estimates for the year however were Rs. 1,279, 553 million (23.3% of GDP).
Approved expenditure for the current year is Rs. 1,419,664 million (22.4% of GDP).
Current expenditure only for last year was Rs. 928,339 million (16.9% of GDP). This compares favourably with the 2009 figure of Rs. 879,575 million (18.2% of GDP). Approved current expenditure for the present year is Rs. 1,017,155 million (16.1% of GDP).
Total revenue only for last year according to provisional figures was Rs. 818,220 million (14.6% of GDP). In 2009 this figure was Rs. 699,644 million (14.5% of GDP). Total revenue estimates for the current year is Rs. 963,320 million (15.2% of GDP).
Tax revenue last year comprised 13% of GDP (Rs. 725,671 million) according to provisional estimates. Tax revenue in 2009 was 12.8% of GDP (Rs. 618,933 million). However approved tax revenue estimates for last year were 13.3% of GDP (Rs. 728,744 million). Approved estimates for the current year are13.6% of GDP (Rs. 861,943 million).
Grants component only which comprised Rs. 25,922 million (0.5% of GDP) of the total revenue and grants figure in 2009 slid to Rs. 16,909 million (0.3% of GDP) last year. However, grants estimates for last year were an optimistic Rs. 23,200 million (0.4% of GDP). Grants estimates for the current year are Rs. 22,600 million (0.4% of GDP).
Meanwhile capital and net lending last year according to provisional figures was Rs. 343,111 million (6.1% of GDP). However, approved estimates for the year in question was Rs. 351,214 million (6.4% of GDP). Capital and net lending in 2009 was Rs. 322,352 million (6.7% of GDP). Approved estimates for the present year is Rs. 402,509 million (6.4% of GDP).
In the capital and net lending figure, public investments last year were Rs. 343,111 million (6.1% of GDP). However the approved figure was much more, at Rs. 361,214 million (6.6% of GDP).
In capital and net lending, public investment in 2009 was Rs. 330,448 million (6.8% of GDP). Approved estimates for this year is Rs. 413,546 million (6.5% of GDP).
Meanwhile non tax revenue last year was Rs. 92,549 million (1.7% of GDP) according to provisional figures. However approved estimates for the year was less, at Rs. 88,772 million (1.6% of GDP). Approved estimates of non tax revenue for the present year is Rs. 10,377 million (1.6% of GDP). Non tax revenue in 2009 was Rs. 80,711 million (1.7% of GDP).
The budget deficit last year was Rs. 445,076 million (7.9% of GDP) as opposed to Rs. 476,361 million (9.9%of GDP) the previous year. Last year’s budget deficit was financed by foreign financing of Rs. 243,778 million (4.4% of GDP) and domestic financing of Rs. 201,288 million (3.6% of GDP). Foreign financing included rupee denominated Treasury bonds and bills issued to foreign investors, the Sri Lankan diaspora and migrant workers.
Domestic financing comprised market borrowing of Rs. 191,991 million (3.4% of GDP) and non market borrowings of Rs. 9,289 million (0.2% of GDP). Domestic financing comprised non bank borrowings of Rs. 193,891 million (3.5% of GDP), bank borrowings of a negative Rs. 1,892 million; monetary authority (which at times forwards the Treasury printed money to help bridge the budget deficit) a negative Rs.32,112 million (0.6% of GDP) and commercial banks: Rs. 30,220 million (0.5% of GDP).
In 2009, the budget deficit was Rs. 476,361million(9.9% of GDP). That was met by foreign financing of Rs. 230,807 million (4.8% of GDP) and domestic financing of Rs. 245,554 million (5.1% of GDP).
Domestic financing comprised market borrowings of Rs. 234,274 million (4.9% of GDP) and non market borrowings: Rs. 11,280 million (0.2% of GDP).
Market borrowings comprised non bank borrowings: Rs. 185,247 million (3.8% of GDP) and bank borrowings of Rs. 49,027 million (1%of GDP). Other borrowings comprised monetary authority: a negative Rs. 109,241 million (-2.3% of GDP) and commercial banks: Rs. 158,268 million (3.3% of GDP).
This year, the deficit is estimated at Rs. 433,744 million (6.8% of GDP). That is planned to be bridged by foreign financing: Rs. 143,750 million (2.3% of GDP) and domestic financing: Rs. 289,994 million (4.6% of GDP).
Domestic financing is to comprise non bank borrowings: Rs. 247,994 million (3.9% of GDP) and bank borrowings: Rs. 42,000 million (0.7% of GDP).
Meanwhile, as per approved estimates for last year, the budget deficit had been set at Rs. 438,837 million (8% of GDP). It was to have had been met by foreign financing: Rs. 158,000 million (2.9% of GDP) and domestic financing: Rs. 280,837 million (5.1% of GDP).
Domestic financing was to have had comprised non bank borrowings: Rs. 235,837 million (4.3% of GDP) and bank borrowings: Rs. 45,000 million (0.8% of GDP). (Source: Central Bank of Sri Lanka 2010 Annual Report)