Written by Staff Writer
16 Aug, 2019 | 8:31 pm
COLOMBO (News 1st):- As per the Ministry of Finance, during the first quarter of 2019, state-owned enterprises made losses of more than Rs. 59 billion. Experts point out that with the increasing cost of state upkeep, the losses have increased over the years. It is approximately 10.7 percent of the total tax revenue of Rs. 551.5 billion during the first quarter of this year.
The general public claim that the money was misused for their own benefits; for bulletproof cars and distributed only in certain areas. Government expenditure during the first quarter of 2019 also increased by 10.1 percent to Rs. 962 billion, compared to the same period of 2018.
Speaking exclusively to News 1st, Emeritus Professor of the University of Colombo said the continuous increase of state expenditure will widen the state’s budget deficit, which will ultimately increase the total debt burden of Sri Lanka.
News 1st conducted a poll posing the question “Do you believe your tax money is being spent efficiently?”
As at 7.45pm this evening;
94% voted No, while 6% voted Yes.
19 Mar, 2020 | 01:41 PM
25 Dec, 2019 | 10:42 AM
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