Question:
The principal sources of tax revenue in Sri Lanka are
(1) Income Tax, Value Added Tax and Excise Duties.
(2) Value Added Tax, Turnover Tax and Economic Service Charge.
(3) Income Tax, Value Added Tax and Stamp Duty.
(4) Value Added Tax, Import Duties and Nation Building Tax.
(5) Value Added Tax, Port and Airport Levy and Economic Service Charge.
Correct Answer:
(1)
Answer Explanation:
Sri Lanka’s tax revenue is predominantly generated by three massive pillars: Excise Duties (taxes on specific goods like alcohol, tobacco, and vehicles), Value Added Tax (VAT), and Income Tax (corporate and personal). These consistently make up the vast bulk of total government revenue.
Topic: Public Finance Year: 2018
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