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$1b IMF loan linked to more taxes But again Private sector to pay, Govt sector to enjoy ??

$1b IMF loan linked to more taxes | The Sunday Times Sri Lanka: International financial organisations have in recent months commented on Sri Lanka’s financial situation. A World Bank report on “Ending Poverty and Promoting Shared Prosperity,” released late last year and re-issued this week notes that low and declining revenues have critically impacted on Sri Lanka’s fiscal position.

The report says: “Sri Lanka now has one of the lowest tax revenue to GDP ratios in the world, reflecting a decline from 24.2 per cent in 1978 to 10.7 per cent in 2014. The major causes of this decline are low increase in the number of tax payers, reductions in statutory rate without commensurate efforts to expand the tax base, inefficiency in administration and numerous extensions. In particular, since the introduction of a value added tax (VAT) in 2002, successive changes in the tax regime have led to over 500 types of exemptions for a wide variety of goods.
$1b IMF loan linked to more taxes But again Private sector to pay, Govt sector to enjoy ??SocialTwist Tell-a-Friend

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