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Sri Lanka in numbers, context, and plain English.

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Write-ups

Briefs from the Numbers.lk desk.

Numbers.lk

over 2 years ago

The 2012 census revealed that the vast majority of occupied housing units, 83%, were owned by household members. This makes these units

their primary residences (One person cannot belong to multiple...

Numbers.lk

over 2 years ago

Let's get some idea is to how many properties are in these groups,

According to the 2012 census, Sri Lanka had 5.9 million housing units, with 5.2 million (~88%) occupied and 0.7 million (~12%) vacant.

Numbers.lk

over 2 years ago

The third group cannot be taxed under this scheme because the income generated from these leased and rented properties are already subject

to regular income tax. Collecting taxes from the fourth group would be nearly impossible for obvious reasons.

Numbers.lk

over 2 years ago

Numbers.lk

over 2 years ago

All residential properties in Sri Lanka can be categorized into four different groups:

1. Owner-occupied 2. Vacant 3.Rented or leased (private) 4. Other (government-owned, illegally occupied, etc.)

Numbers.lk

over 2 years ago

Sri Lanka plans to collect taxes amounting to 0.4% of GDP by 2026 from this tax.

With real GDP in 2023 estimated at ~ $75 billion, let's assume it reaches around $85 B by 2026. At an exchange rate of 300 LKR/USD, the target revenue of the tax will be Rs. 100 billion+.

Numbers.lk

over 2 years ago

Numbers.lk

over 2 years ago

The government shared with the IMF that the plan is to tax vacant and owner-occupied residential property owners with this tax.

Numbers.lk

over 2 years ago

Imputed rental income tax is a new tax the government plans to introduce, replacing the previously planned property tax. It uses the

estimated income a homeowner could earn from a residential property if they rented it out as the base. https://t.co/0fa5XRu6qm

Numbers.lk

over 2 years ago

Numbers.lk

over 2 years ago

https://t.co/88jQhqsU1w

Numbers.lk

over 2 years ago

Numbers.lk

over 2 years ago

Numbers.lk

over 2 years ago

Numbers.lk

over 2 years ago

https://t.co/2F81Ia0HYF

Numbers.lk

over 2 years ago

Numbers.lk

over 2 years ago

Numbers.lk

over 2 years ago

Numbers.lk

over 2 years ago

Duty-Free Vehicle Permits for MPs: A Costly Privilege 🚗

⭕ 116 MPs have requested duty-free vehicle permits. Proposal is now on the president's desk for the final approval. ⭕ When the permits were last issued in 2016, the tax exemptions for at least 75 MPs who imported luxury vehicles (BMWs, Land Cruisers, Mercedes-Benz, Hummers) cost taxpayers Rs. 30 million to Rs. 44.7 million per vehicle. See the full list of MPs imported vehicles under this scheme in 2016 👇...

Numbers.lk

over 2 years ago

https://t.co/6U3ACVV9nt

Numbers.lk

over 2 years ago

Numbers.lk

over 2 years ago

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over 2 years ago

Numbers.lk

over 2 years ago

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Page 33 of 34

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According to the IMF report, the government states that the imputed rental income tax was targeted at the first two groups.

https://t.co/6QyEewAzNr

There is no mention of primary residences being exempt from this tax in the IMF report or the clarification issued by the ministry. On the

contrary, the goSL mentioned it as a reason to the IMF as...

Collecting over Rs. 100 billion from a novel tax like the Imputed Rental Income Tax is already an extremely challenging task. What makes

even less analytical sense is the President's statement in...

🚨 Expressway Toll Booth Cashier Corruption Sri Lanka

⭕ Cashiers are stealing 10-20% of toll fees, Secretary to the Highways, Ranjith Subasinghe told the COPE. ⭕ Tolls collected surged when the military operated the booths during a cashier strike,...

The Sri Lankan Rupee (LKR) continues its depreciating trend against the US Dollar, with the buying rate surpassing the 300 range and the

selling rate exceeding 310. For more details, visit the...

The Ministry of Finance, Economic Stabilization & National policies of Sri Lanka 🇱🇰 has issued a clarification regarding the proposed

imputed rental income tax: ⭕ The tax focuses on high-wealth...

🚨A NEW TAX: Imputed Rental Income Tax

⭕ The government of Sri Lanka is set to introduce an imputed rental income tax by April 1, 2025. ⭕ Imputed rental income is the deemed income homeowners could earn if they rented out their homes....

📢 Sri Lanka to End Vehicle Import Controls by 2025 🇱🇰🚗

The IMF report outlines SL gov's phased plan to end vehicle import controls by 2025: ⭕ 2024 Q3: Public passenger and special purpose vehicles. ⭕ 2024 Q4: Goods transport vehicles. ⭕ 2025: All...

💵Banks make money on forex trades through the spread - the difference between the rates they buy and sell currencies.

⭕️Check today's forex rates and keep an eye on those spreads by visiting: https://t.co/lKyMJuzvFG https://t.co/QD6HOWiiFZ

Duty-Free Vehicle Permits for MPs 🚗

⭕️116 MPs have requested the government to issue duty-free vehicle permits, proposal is reportadly now on president's desk if approved which would make them eligible for tax exemptions in millions...

The IMF has approved the second review of Sri Lanka's 🇱🇰 economic program, unlocking the third tranche of approximately USD 330 million.

#SriLanka #IMF https://t.co/u4NESRFILH

Despite govt's push for #DigitalSriLanka 🇱🇰, household computer/laptop 💻 ownership down from 22.9% in 2021 to 20.2% in 2023, per

Computer Literacy Statistics 2023 report, by DCS Sri Lanka....

⚡️New Electricity Tariff: The new tariff proposed by CEB, once approved by PUCSL, will slash your monthly bill by ~34%, if you use around

90 units. That's a savings of nearly Rs. 1000 from July bill...