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Sri Lanka tax revenues surge in Oct

Sri Lanka tax revenues surge in Oct

COLOMBO: Sri Lanka’s state revenues rose to Rs1,333 billion in the 10 months to October 2016, while the overall budget deficit fell 10 percent in absolute terms to Rs547 billion, amid higher capital expenditure, official data shows. Tax revenues rose 19 percent to Rs1,119 billion, while non-tax revenue rose 56 percent to Rs132 billion.

Current spending in the 10 months grew at 8.46 percent, slower than revenues though from a higher base. But total revenues were still not enough to finance current spending, leaving a deficit in the current account of Rs111 billion.

But the number was narrower than Rs239 billion recorded in 2015. Capital and net lending was Rs437 billion, 17 percent higher than a year earlier.

The overall budget deficit was Rs547 billion, down 10 percent in absolute terms from last year’s Rs612 billion. Sri Lanka is aiming for an overall budget deficit of Rs670 billion and a current account deficit of Rs194 billion, according to revised finance ministry data.