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Taxation in Sri Lanka mainly includes excise duties, value added tax, income tax and tariffs. [1] Tax revenue is a primary constituent of the government's fiscal policy . The Government of Sri Lanka imposes taxes mainly of two types in the forms of direct taxes and indirect taxes.
Central Bank of Sri Lanka; Credit Information Bureau; Department of Excise; Development Lotteries Board; Employees’ Trust Fund Board; Housing Development Finance Corporation Bank; Imports and Exports Control Department; Inland Revenue Department; Insurance Board of Sri Lanka; Kandurata Development Bank; Lanka Puthra Development Bank; National ...
Vertical equity operates on the principal of people with higher incomes paying more taxes, through progressive tax rates. In progressive taxation, the amount of taxes paid increases with income. In this tax system people are divided in tax brackets, each tax bracket has a different tax rate, with high income brackets paying more taxes.
The Mahaweli Development program (Sinhala: මහවැලි සංවර්ධන වැඩසටහන) is known as the largest multipurpose national development program in the history of Sri Lanka and is also considered the keystone of the government's development program that was initiated in 1961.
The park is bounded in three sides with the river Mahaweli in the historically important place of Gannoruwa in Kandy and, lies at an altitude of 473 m (1550 ft) above sea level in a total area of 2 square kilometers. The A parks comprise the majority of the institutions of the Department of Agriculture.
Sri Lanka has also sought an additional $500 million line of credit from India, and began negotiating a credit line of $1.5 billion. Sri Lankan minister of finance Ali Sabry has stated "We are a neutral country. We are a friend to all." [10] In May 2022, Sri Lanka defaulted on its debt for the first time in the country's history. [12]
It is one of the main sources of foreign exchange for Sri Lanka and accounts for 2% of GDP, generating roughly $700 million annually to the economy of Sri Lanka. It employs, directly or indirectly over 1 million people, and in 1995 directly employed 215,338 on tea plantations and estates. Sri Lanka is the world's fourth largest producer of tea.
Sri Lankan state-sponsored colonization schemes is the government program of settling mostly Sinhalese farmers from the densely populated wet zone into the sparsely populated areas of the dry zone. This has taken place since the 1950s near tanks and reservoirs being built in major irrigation and hydro-power programs such as the Mahaweli project .