Sri Lanka government revenues up 21-pct over the first five months of 2015

harsha-de-silva

June 10, 2015 (LBO) – Sri Lanka’s government revenues have increased 21 percent over the first five months of this year against the same period last year, Deputy Minister of Policy Planning Dr. Harsha de Silva told Parliament Tuesday.

As per the latest data the government has collected 492 billion rupees by May 2015 against the 406 billion rupees collected on the same period last year.

During the period of January to May 2015, the authorities have collected 32 percent of the total estimated revenue against the 28 percent collected on the same period last year.

“So there is a clear growth in government revenue this year.” de Silva pointed out.

However in recent years the authorities continuously failed to achieve actual revenue targets set through the annual budgets.

In 2014, 1,437 billion rupees was estimated as government revenue with the actual revenue dropping to 1,133 billion rupees reflecting only a 79 percent success rate.

1,258 billion rupees was estimated as revenue in 2013, with the actual revenue being only 1,055 billion rupees.

Meanwhile the recurrent expenditure has gone up by 12.5 percent during the first five months of this year against the corresponding period last year, de Silva told Parliament.

From January to May this year, 623 billion rupees has been spent on recurrent expenditure but it was only 554 billion rupees last year.

“This is because the public sector salary hike, pension, allowances and social security allowances.“ de Silva justified.

However when it comes to capital expenditure, only 86 percent from the total allocated amount has actually been spent in 2013.

In 2014, it was only 90 percent.