Annual Report 2008 - Ministry of Finance and Planning

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8. Financial Statements - 2008 292 Statement of Accounting Policies Contd. Employee Entitlements Employee entitlements to salaries and wages, annual leave, retiring leave and other similar benefits are recognized when they accrue to employees. Retired Government employee entitlements for their pension payments are also recognized in the same manner. Contingent Liabilities Contingent liabilities are recorded in the Statement of Contingent Liabilities at the point at which the contingency is evident. Comparatives To ensure consistency with the current period and classification method adopted to make a fair presentation of financial information, comparative figures have been restated where appropriate. Compilation of Government Finance Statistics The Budget Outturn presented in Economic Classification under Government Finance Statistics (GFS) vary from the information presented in these Financial Statements due to the different classification methods adopted for economic analyses. Figures for the compilation of Budget outturn and related statistics which compiled in accordance with Government Financial Statistical Manual are obtained from this Balance Sheet. Ministry of Finance and Planning Sri Lanka Annual Report 2008
8. Financial Statements - 2008 Notes to Financial Statements 293 Actual Budget Revenue Revenue Title 2008 2007 Estimates 2008 Code Rs. Rs. NOTE - 1 INCOME TAX 6,169,091,000 1004.10.01 Dividend Tax 3,279,098,979 2,816,868,533 17,715,000,000 1004.10.02 Economic Service Charge 14,475,861,569 12,203,425,025 46,261,909,000 1004.10.09 Corporate Tax & Other 45,938,567,363 40,630,157,800 70,146,000,000 1004.10.00 Total Corporate Tax (a) 63,693,527,910 55,650,451,358 15,447,420,000 1004.20.01 PAYE Tax 14,334,437,247 11,249,682,632 27,281,000,000 1004.20.02 Withholding Tax on Interest 33,081,255,229 25,397,595,426 4,600,000,000 1004.20.03 Specified Fees & Other Withholdings 10,749,369,415 9,909,696,402 25,816,580,000 1004.20.09 Other 4,682,593,570 4,960,974,213 73,145,000,000 1004.20.00 Total Non -Corporate Tax (b) 62,847,655,461 51,517,948,673 143,291,000,000 Total Incom Tax (a+b) 126,541,183,372 107,168,400,031 NOTE - 2 TAXES ON DOMESTIC GOODS & SERVICES 244,370,000,000 1002.10.00 Value Added Tax 202,984,413,016 186,990,550,178 90,278,000,000 1002.10.01 Services 78,496,333,374 62,966,902,113 44,153,000,000 1002.10.02 Manufacturing 23,656,632,537 22,523,044,478 109,939,000,000 1002.10.03 Imports 100,831,447,105 101,500,603,587 2,100,000,000 1002.20.00 Goods and Services Tax 126,744,975 142,172,771 1002.20.01 Services 83,879,661 89,013,751 1002.20.02 Manufacturing 41,948,381 46,838,801 1002.20.03 Imports 916,932 6,320,219 2,100,000,000 1002.30.00 National Security Levy 67,616,153 105,013,759 1002.30.01 Services 42,180,058 25,912,968 1002.30.02 Manufacturing 25,436,095 75,028,258 1002.30.03 Imports - 4,072,533 30,855,000,000 1002.40.00 Excise (Ordinance) Duty 27,403,832,167 23,722,738,912 30,855,000,000 1002.40.01 Liquor 27,403,832,167 23,722,738,912 102,185,000,000 1002.50.00 Excise (Special Provisions) Duty 73,534,428,130 72,928,919,546 38,020,000,000 1002.50.01 Cigarettes 37,255,846,521 31,413,895,664 - 1002.50.02 Liquor 29,870,080 - 22,371,000,000 1002.50.03 Petroleum Products 18,976,567,345 19,124,255,674 35,575,000,000 1002.50.04 Motor Vehicles 11,067,304,714 17,415,447,682 6,219,000,000 1002.50.09 Other 6,204,839,469 4,975,320,526 40,000,000 1002.60.00 Tobacco Tax 32,320,827 32,909,221 6,311,000,000 1002.70.00 Stamp Duty 3,750,584,059 4,026,240,434 9,851,000,000 1002.80.00 Debit Tax 8,410,052,702 7,186,742,288 100,000,000 1002.90.00 Turnover Tax 535,271,046 461,361,956 7,551,590,000 1003.--.00 Licence Taxes and others 4,996,841,842 3,986,295,255 475,000,000 1003.10.00 Motor Vehicle Tax 308,722,764 352,613,816 57,950,000 1003.20.00 Transfer Tax 97,036,633 50,180,113 500,000,000 1003.30.00 Betting & Gaming Levy 269,747,248 267,575,250 4,460,000,000 1003.40.00 Social Responsibility Levy 3,634,775,073 2,847,393,133 500,000,000 1003.50.00 Share Transaction Levy 448,928,874 412,083,582 50,000,000 1003.60.00 Construction Industry Guarantee Fund Levy 229,879,129 56,449,361 1,000,000,000 1003.70.00 Enviornment Conservation Levy 7,752,120 508,640,000 1003.90.00 Other Licences 428,891,954 602,181,487 65,000,000 1003.90.01 Fees for registration of Nursing Homes 54,625,777 54,594,750 128,000,000 1003.90.02 Registration fees relevent to the Dept. of Registrar General’s 108,719,870 102,407,976 175,000,000 1003.90.03 Private Timber Transport 115,398,790 224,969,656 18,000,000 1003.90.04 Tax on sale of Motor Vehicles 27,086,062 20,370,925 12,200,000 1003.90.05 Licence Taxes relevent to the Min. of Public Security, Law & Order 10,838,867 13,110,273 10,000,000 1003.90.06 Licence fees relevent to the Dept. of Fishries & Aquatic Resouces 26,804,538 10,826,518 100,440,000 1003.90.09 Other 85,418,048 175,922,222 405,463,590,000 Total Taxes on Domestic Goods & Services 322,270,996,870 300,185,146,641 NOTE - 3 TAXES ON INTERNATIONAL TRADE 73,351,000,000 1001.10.00 Import Duties 63,994,291,754 56,286,665,767 25,000,000 1001.20.00 Export Duties 39,523,609 33,397,222 700,000,000 1001.30.00 Import & Export Licences Fees 231,231,811 192,854,028 28,430,000,000 1001.40.00 Ports & Airports Development Levy 31,016,969,591 26,700,463,296 17,073,000,000 1001.50.00 Import Cess Levy 22,800,414,284 17,157,470,578 10,000,000 1001.60.00 Motor Vehicle Concessionary Levy 2,076,365 10,851,635 3,925,000,000 1001.70.00 Regional Infrastructure Development Levy 2,598,938,753 1,481,280,741 2,300,000,000 1001.80.00 Export Cess Levy 1,671,617,048 1001.90.00 Special Commodity Levy 14,603,212,589 125,814,000,000 Total Revenue from Taxes on International Trade 136,958,275,805 101,862,983,267 NOTE - 4 NON-TAX REVENUE AND OTHERS 3,375,000,000 2001.10.00 Railways 3,671,386,934 2,999,337,435 6,500,000,000 2001.20.00 Postal 4,768,270,901 3,981,741,025 50,000,000 2001.30.00 Advance Accounts (Trading ) 146,083,303 76,937,955 9,925,000,000 Revenue From Other Sources (a) 8,585,741,139 7,058,016,415 1,616,300,000 2002.10.00 Rent 2,049,616,126 1,709,395,297 687,550,000 2002.10.01 Rent on Government Building & Housing 612,236,197 559,158,642 473,200,000 2002.10.02 Rent on crown forests 987,870,813 567,352,895 15,550,000 2002.10.03 Rent from Land and Other 18,709,654 17,439,588 380,000,000 2002.10.04 Lease Rental from Regional Plantation Companies 375,110,579 512,588,775 60,000,000 2002.10.09 Other Rental 55,688,883 52,855,397 Ministry of Finance and Planning Sri Lanka Annual Report 2008
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2008 Annual Report Ministry of Fina
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2 This Report is Published in terms
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4 Heads of Treasury Departments (as
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6 Heads of Statutory Boards / State
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8 Contents Chapter 1 - Macro Econom
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10 Contents Contd. Table 3.9 - Key
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12 Contents Contd. Table 7.8 - Valu
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14 Contents Contd. Chart 3.1 - Accu
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16 Sri Lanka at a Glance - 2008 KEY
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18 Sri Lanka at a Glance - 2008 Con
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1. Macro Economic Perspectives 20 E
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1. Macro Economic Perspectives 22 T
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1. Macro Economic Perspectives 24 O
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1. Macro Economic Perspectives 26 C
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1. Macro Economic Perspectives 30 G
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1. Macro Economic Perspectives 32 M
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1. Macro Economic Perspectives 36 W
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1. Macro Economic Perspectives 38 B
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1. Macro Economic Perspectives 40 B
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1. Macro Economic Perspectives 42 L
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1. Macro Economic Perspectives 44 i
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2. Fiscal Developments - 2008 46 An
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2. Fiscal Developments - 2008 48 Ta
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2. Fiscal Developments - 2008 50 Go
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2. Fiscal Developments - 2008 56 Bo
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2. Fiscal Developments - 2008 82 20
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2. Fiscal Developments - 2008 90 Me
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2. Fiscal Developments - 2008 100 B
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2. Fiscal Developments - 2008 114 P
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2. Fiscal Developments - 2008 124 T
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2. Fiscal Developments - 2008 134 D
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138 Ministry of Finance and Plannin
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3. Performance of Public Enterprise
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4. Reform Initiatives 174 An Overvi
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4. Reform Initiatives 176 also prov
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4. Reform Initiatives 178 Finance/R
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4. Reform Initiatives 180 Environme
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4. Reform Initiatives 182 Pradeshiy
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4. Reform Initiatives 184 SALIENT F
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4. Reform Initiatives 186 The Credi
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4. Reform Initiatives 188 Name of t
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4. Reform Initiatives 190 Project P
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4. Reform Initiatives 192 TERMS OF
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4. Reform Initiatives 194 Table 4.8
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4. Reform Initiatives 196 grounds,
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5. Foreign Financing of the Budget
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6. A Sectoral Perspective 236 An Ov
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6. A Sectoral Perspective 238 Table
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6. A Sectoral Perspective 240 Agric
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Annual Report 2008 - Ministry of Finance and Planning

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