Sri Lanka records Rs. 1.2 trillion in tax revenue for 2024’s first eight months

The Inland Revenue Department (IRD) of Sri Lanka has announced a significant increase in tax revenue collection for the period of January to August 2024.

The total revenue collected during this period amounted to Rs. 1,229,245 million, marking a 28.5% rise compared to the Rs. 956,418 million collected during the same period in 2023.

The revenue growth is largely attributed to several key factors, including the implementation of new tax policies, improved economic conditions in the country, and enhanced efficiency in tax administration.

A breakdown of the tax revenue collections reveals notable increases across major tax categories:

• Corporate & Non-Corporate Income Tax: Rs. 624,439 million (up from Rs. 535,301 million in 2023)
• Value Added Tax (VAT): Rs. 468,863 million (up from Rs. 307,692 million in 2023)
• Social Security Contribution Levy: Rs. 122,917 million (up from Rs. 107,898 million in 2023)
• Betting & Gaming Levy: Rs. 11,355 million (up from Rs. 3,448 million in 2023)

While some taxes, such as the Share Transaction Levy and other miscellaneous taxes, saw slight declines, the overall tax revenue increase highlights the country’s improving financial outlook.

The Inland Revenue Department expressed its gratitude to the citizens and entities for their contributions and reaffirmed its commitment to providing efficient and effective tax administration services in the future.