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Interest Costs Have Been Eating Up Revenue
No full textThese infographics were posted on the Public Finance Platform in English, Sinhala and Tamil.In 2023, for the first time in history, the government spent 9% of its GDP on interest payments, which took up 80% of the government revenue. A high interest-to-revenue ratio can be severely detrimental to a country's debt sustainability. This high ratio creates a need to borrow more, undermining debt sustainability and leaving limited revenue for essential government spending and investments
Sri Lanka has highest electricity charges in South Asia
No full textFront page, page 2Daily FT (9 February 2024) front page and page 2 features the electricity rates of Sri Lanka having the highest charges in South Asia press release which was sent out in February 2024. This research was conducted by the Public Finance, Economics Team at Verite Research
20241016_P0125_FC_DilithJayaweera_Gas
No full textThis submission includes English, Sinhala, and Tamil versions of the fact check.PARTLY TRUE: Our president [Ranil Wickremesinghe] […] increased the price of gas by fourfold, increased the price of [crude] oil by fourfold, increased the price of petrol […] After that, he said, “Look, there are no queues after I came [to power]”... The gas consumption in the country [has reduced] by 40%.
Dilith Jayaweera, Dilith Jayaweera’s Facebook page, 7 September 202
Blacklisting corrupt contractors: SL falls behind other South Asian countries
No full textp.9Virakesari page 9 (19 February 2024) feature of the Blacklisting press release sent out in November 2023. The corresponding research titled “Backwards in Blacklisting: Gaps in Sri Lanka’s Procurement Framework Enable Corruption” was conducted by Subhashini Abeysinghe, Bulani Weerawardane, Ishini Randeniya, Aarathi Sirinivasan, Mathisha Arangala and Jason Hingert from the Economics Team at Verite Research. This feature has been published in Tamil
High tax rate, low tax revenue: Sri Lanka’s corporate income tax (CIT) rate was among South Asia's highest but CIT revenue was among the lowest
No full textThis infographic was posted on the Public Finance Platform in English, Sinhala and Tamil.Sri Lanka's Corporate Income Tax (CIT) collection is notably lower than other South Asian countries, despite having a higher tax rate. In 2023, Sri Lanka’s CIT revenue was 2.0% of GDP, with a CIT rate of 30%. In contrast, Bhutan and the Maldives, with lower CIT rates of 25% and 15%, collected 3.7% and 2.7% of GDP, respectively. India, also with a 30% CIT rate, collects more revenue than Sri Lanka. Only Bangladesh collects less (1.5% of GDP in 2022), but it taxes at a lower rate of 27.5%.
Even in the past, Sri Lanka’s revenue collection has been lower despite a higher rate. Over the past decade (2013-2023), Sri Lanka's average CIT revenue was 1.5% of GDP, well below the South Asian average of 3.4%. Bhutan, for instance, consistently collected 6–7% of GDP in CIT revenue before 2021 with a 30% CIT rate (reduced to 25% after 2021). Even Bangladesh’s historical CIT collections were higher than Sri Lanka’s. Sri Lanka’s CIT rate has consistently been 28% or higher, except for 2020–2022. This rate exceeds the South Asian average of 26% for 2013–2023.
Sri Lanka's low revenue collection is due to steep concessionary tax rates in certain sectors and tax exemptions granted under various laws. Prior to October 2022, small and medium enterprises, and sectors like education and healthcare, benefitted from concessionary rates of 14%, while manufacturing had a rate of 18%. Large firms continued to receive exemptions under the BOI and SDP acts.
Inefficiencies in the tax collection system also contribute to the low revenue
ගණිකා මඩමක් වටලා කළමනාකරු හා කාන්තාවෝ 3ක් උසාවියට - "ගණිකා මඩම" අවශ්ය ද?
No full textThis entry includes a write-up and an infographic (both in Sinhala).On 22nd February 2024, Dinamina reported an incident in which the police arrested four individuals involved in sex work. In this report, they used the term "Ganika" (ගණිකා) to describe the sex workers and their profession. Terms such as this may contribute to the stigmatisation of sex workers
Benefits of Adopting Measures to Facilitate Trade: A Case Study on Forest Permits for Exporting Horticultural Products
Full text link12p. - The Economics Team of Verité Research compiled the study. The research team comprised Subhashini
Abeysinghe, Mathisha Arangala and Shalomi Liyanage.Governments often mandate that traders secure permits before importing or exporting certain products to fulfill objectives such as protecting endangered species, endemic flora, and ensuring consumer safety. The time, cost, and unpredictability associated with obtaining these permits impact the competitiveness of businesses engaged in international trade. This research brief outlines steps to overcome various obstacles that hinder the streamlining, simplification, and automation of these processes to make them more business friendly. Using the issuance of forest permits for horticultural exports as a case study, it shows how adopting steps to facilitate trade can reduce trade costs and strengthen regulatory oversight
Fading Belief: Addressing the Lacunae in the Right to Religious Worship in Sri Lanka - Presentation
No full textThis presentation aims to provide a comprehensive understanding of the current state of Freedom of Religion or Belief (FoRB) and the registration of places of worship (POW) in Sri Lanka, highlighting areas where legal and policy improvements are needed to ensure the protection of this fundamental right. It examines how government policies, legal ambiguities, and administrative barriers contribute to restricting FoRB and disproportionately impact religious minorities.The presentation is in English
Too Many Cooks Spoil the Soup: Executive Dominance: Comparing the Size of Sri Lanka’s Executive to Top Effective Governance Countries and South Asian Peers
No full textThis infographic is available in English and Sinhala.VR's Manthri Team analysed executive dominance within South Asian legislatures and countries ranked in the top 20% of the Effective Governance Index. This infographic compares the size of Sri Lanka’s executive with its peers, highlighting the actual number of MPs holding or not holding ministerial portfolios in each respective country
දකුණු ආසියාවේ වැඩිම ලයිට් බිල ශ්රී ලංකාවෙන් = Sri Lanka has highest electricity charges in South Asia
No full textFront page and page 2Mawbima (9 February 2024) front page and page 2 feature the electricity rates of Sri Lanka being the highest charges in South Asia, press release that was sent out in February 2024. This feature has been published in Sinhala. This research was conducted by the Public Finance, Economics Team at Verite Research