Sri Lanka’s Inland Revenue Department says Rs. 316 Billion tax revenue collected in first quarter of 2023

Sri Lanka’s Inland Revenue Department announced that a total of Rs. 316,619 Million (Rs. 316 Billion) was collected as Tax Revenue for the months of January, February and March 2023.

In a statement, the Commissioner General of the Inland Revenue Department, D.R.S. Hapuarachchi pointed out that when compared to the tax revenue of Rs. 146,565 million collected during the first quarter of 2022, the revenue collection has increased up to Rs. 316,619 million during the first quarter of the year 2023.

“When compared to the first quarter of the previous year, it shows a positive growth of 216%”, Hapuarachchi added.

D.R.S. Hapuarachchi also mentions that the causes for this favourable growth could be attributed to things such as a new tax policy, a gradual improvement of the country’s economic situation, and enhanced efficiency of tax administration.

Though the Social Security Contribution Levy (SSCL) was implemented with effect from 01.10.2022, it was not relevant to the first quarter of the year 2022, he said, adding that however, the drop in share market transactions resulted in a reduction in the Share Transaction Levy, while the abolition of Economic Service Charge (ESC), Nation Building Tax (NBT), and Debt Repayment Levy resulted in a reduction in other taxes.