AGL 40.17 Increased By ▲ 0.17 (0.43%)
AIRLINK 127.31 Increased By ▲ 0.27 (0.21%)
BOP 6.60 Decreased By ▼ -0.07 (-1.05%)
CNERGY 4.48 Decreased By ▼ -0.03 (-0.67%)
DCL 8.55 No Change ▼ 0.00 (0%)
DFML 41.95 Increased By ▲ 0.51 (1.23%)
DGKC 87.71 Increased By ▲ 0.86 (0.99%)
FCCL 32.70 Increased By ▲ 0.42 (1.3%)
FFBL 65.15 Increased By ▲ 0.35 (0.54%)
FFL 10.26 Increased By ▲ 0.01 (0.1%)
HUBC 109.90 Increased By ▲ 0.33 (0.3%)
HUMNL 14.62 Decreased By ▼ -0.06 (-0.41%)
KEL 5.11 Increased By ▲ 0.06 (1.19%)
KOSM 7.56 Increased By ▲ 0.10 (1.34%)
MLCF 41.60 Increased By ▲ 0.22 (0.53%)
NBP 59.80 Decreased By ▼ -0.61 (-1.01%)
OGDC 194.00 Increased By ▲ 3.90 (2.05%)
PAEL 28.28 Increased By ▲ 0.45 (1.62%)
PIBTL 7.81 Decreased By ▼ -0.02 (-0.26%)
PPL 151.85 Increased By ▲ 1.79 (1.19%)
PRL 26.48 Decreased By ▼ -0.40 (-1.49%)
PTC 16.20 Increased By ▲ 0.13 (0.81%)
SEARL 84.21 Decreased By ▼ -1.79 (-2.08%)
TELE 7.67 Decreased By ▼ -0.04 (-0.52%)
TOMCL 35.39 Decreased By ▼ -0.02 (-0.06%)
TPLP 8.11 Decreased By ▼ -0.01 (-0.12%)
TREET 16.07 Decreased By ▼ -0.34 (-2.07%)
TRG 52.63 Decreased By ▼ -0.66 (-1.24%)
UNITY 26.35 Increased By ▲ 0.19 (0.73%)
WTL 1.25 Decreased By ▼ -0.01 (-0.79%)
BR100 9,953 Increased By 69.4 (0.7%)
BR30 30,908 Increased By 307.7 (1.01%)
KSE100 93,785 Increased By 429.6 (0.46%)
KSE30 29,050 Increased By 119.3 (0.41%)

Sri Lanka's government revenues jumped by more than a fifth in the first seven months of this year, data showed on Thursday, as the new government sought to improve tax collection and cracked down on corruption. The data were released ahead of a parliamentary election on Monday in which the United National Party-led minority government formed in January is seeking a strengthened mandate.
Sri Lanka does not usually release interim figures, but the data showed that total tax revenues had risen from January through July by 20.5 percent, year on year, to 646.2 billion rupees ($4.8 billion). Revenues from excise tax jumped over 123 percent to 251.6 billion rupees, 73 percent of the full-year target. "The reason for this increase is due to the crackdown on smuggled tobacco products and distilleries, along with distribution networks which were earlier flirting with tax authorities and cashing in on their political patronage," said Danushka Samarasinghe, research head at Softlogic Stockbrokers.
Since taking office in January, the administration of President Maithripala Sirisena has taken steps to reduce corruption it says prevailed under his predecessor Mahinda Rajapaksa. Rajapaksa is staging a political comeback and heading the opposition campaign in the August 17 vote. Finance Minister Ravi Karunanayake told Reuters the excise tax take had been on the rise due to the streamlining of collection and reducing corruption and tax evasion. Income from motor vehicle imports more than doubled to 126.1 billion rupees in the same period, recording 97 percent of the full-year target.

Copyright Reuters, 2015

Comments

Comments are closed.