Govt’s revenue declines during first nine months

December 22, 2020
The government’s total revenue and grants during the nine months through September was recorded at Rs.1, 031.7 billion compared to Rs.1, 415.2 billion in the same period in 2019, making a gap of Rs.383.5 billion. Due to the Covid-19 situation in the country Sri Lanka’s economy was badly affected. According to the latest fiscal data coming out from the Treasury Department and compiled by the Central Bank, Tax income, which comprises nearly 90 percent of the total revenue, collapsed to Rs.914.1 billion from Rs.1, 300.8 billion collected in the same period in 2019. The income from taxes came back strong since July and were flirting near its last year levels in August and September as the economy staged a strong rebound as seen from the 1.5 percent growth recorded for the July-September quarter. The government increased its non-tax revenue marginally to Rs.114.8 billion in the nine months from Rs.112.8 billion in the same period last year. The total expenditure of the government, which includes lending minus repayments, was little changed at Rs.2, 185.4 billion in the nine months from Rs.2, 175.3 billion a year ago.

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