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62% (This consists of 40% income tax on the GBP 100k–125k band, an effective 20% due to the phase-out of the personal allowance, and 2% employee National Insurance). The marginal rate then drops to 47% for income above GBP 125k (45% income tax plus 2% employee National Insurance) [241] [242] 20% (standard rate) 5% (home energy and renovations)
The tax revenue to GDP ratio is just about 11.6 percent as of 2018, which is one of the lowest rates among the upper-middle income earning countries. [2] At present, the government of Sri Lanka also face major challenges regarding the continuous budget deficits where government expenditures have exceeded the government tax revenue. [3]
University Grants Commission is the body responsible for funding most of the State Universities in Sri Lanka, and operates within the frame work of the Universities Act No. 16 of 1978. A public organisation, established under the Parliament Act No 16 of 1978.
For secondary school students applying for degree–level programmes provided by the University Grants Committee (UGC)–funded institutes, they can only apply through the Joint University Programmes Admissions System (JUPAS), which uses Hong Kong Advanced Level Examination (HKALE) and Hong Kong Certificate of Education Examination (HKCEE) as ...
The rate for GST, effective since 1 October 2010 is 15%. [77] This 15% tax is applied to the final price of the product or service being purchased and goods and services are advertised as GST inclusive. Reduced rate GST (9%) applies to hotel accommodation on a long-term basis (longer than 4 weeks).
Services accounted for 58.2% of Sri Lanka's economy in 2019 up from 54.6% in 2010, industry 27.4% up from 26.4% a decade earlier and agriculture 7.4%. [40] Though there is a competitive export agricultural sector, technological advances have been slow to enter the protected domestic sector. [41]
It was dissolved in 1972 to establish the University of Sri Lanka. In 1974 the Jaffna campus was added to the University of Sri Lanka. [5] [6] [7] The change of the government in July 1977 led to dismantling of the single university apparatus with the plan of establishing independent universities. With the promulgation of the Universities Act.
It is the thirteenth largest university in Sri Lanka in student numbers. [2] In 2009/10 the university admitted 836 undergraduates. [3] SEUSL had a recurrent budget of Rs. 277 million and a capital budget of Rs. 121 million in 2010. [4] Its income in 2010 was Rs. 397 million of which 99% was grant from the government in Colombo. [4]