Sri Lanka’s Inland Revenue Department earns revenue of 105% exceeding expected targets

Tax in Sri Lanka

Sri Lanka’s State Minister of Finance Ranjth Siyambalapitiya says that the Inland Revenue Department (IRD)  has earned revenue of 105 percent exceeding the expected revenue in the first quarter of 2023.

Speaking to the media in the Urapola area, the State Minister of Finance Ranjth Siyambalapitiya also mentioned that most of that revenue has been generated by Sri Lanka Customs.

“Customs had earned only 89 percent of their targeted revenue during the first quarter due to import restrictions. Meanwhile, the Excise Department has fallen short of its target with only 64 percent of earnings, possibly due to illegal liquor sales,” he said.

“The use of legal alcohol has decreased. On the other hand, illegal drugs are being used. We have to find out whether it poses a health problem.” he said.

He said the target of the Inland Revenue Department for the whole year is USD 1,665 billion as stated in the budget and that the target for the first quarter is Rs. 302 billion. “There is a pattern of revenue collection. We divide the quarters based on that.”

Accordingly, State Minister Siyambalapitiya expressed that the Inland Revenue Department needed to generate USD 302 billion, and that nevertheless, they have earned USD 316 billion.

“That means they have generated a revenue of 105%”, he added.