Mismatch

Total revenue for the period Jan-Apr fell three percent to Rs. 91.7 bn while overall expenditure jumped 33 percent to Rs. 121.0 bn, the Finance Minister Dr. Sarath Amunugama said Wednesdayrn

rnA change in the Value Added Tax (VAT) from 20 percent to 15 percent, saw revenues drop 14 percent to Rs. 36 bn, while non-tax revenue fell 60 percent to Rs. 8.9 bn. rn

rnNon-tax revenue includes fund transfers from the Strike, Riot, Civil Commotion & Terrorism Fund, Customs fines and Central Bank profits. The absence of such transfers during the first few months of the current year contributed to the sharp drop registered in non-tax revenue, Amunugama said his Mid-year Fiscal Position Report 2004.rn

rnA controversial tax amnesty and delays in implementing several amendments to the Inland Revenue Act saw total income tax fall 20 percent to Rs. 9.5 bn during the period under review.rn

rnOn a positive note, revenues from import duties swelled 22 percent to Rs. 13.1 bn, Excise duties up 39 percent to Rs. 20.9 bn