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Tax Revenue Exceeds 3 Trillion Rupees In Sri Lanka

Muammar

IBX-Jakarta. In 2023, Sri Lanka achieved a historic milestone by reaching a tax revenue of Rs. 3 trillion for the first time. Director W.M.G. Kumaratunge from the Presidential Secretariat Economic Development Stabilization Unit highlighted that as of last Friday, the government had already collected Rs. 2,394 billion. With nearly 30 more working days left in the year, they anticipate surpassing the Rs. 3,000 billion mark, constituting an unprecedented achievement.
During a post-Budget session organized by the State Ministry of Finance, Kumaratunge emphasized that adhering to new IMF guidelines and expanding the taxpayer base, coupled with enhancing operational efficiency under rigorous government oversight, played pivotal roles in reaching this exceptional target. He noted that the Inland Revenue Department contributed significantly, accounting for 84 percent of the total tax revenue by collecting Rs. 1,415 billion, followed by Sri Lanka Customs with Rs. 1,667 billion, and the Excise Department with Rs. 217 billion.
Additionally, Kumaratunge mentioned diverse revenue-generating avenues available to the government, projecting a collection of over Rs. 3,063 billion in tax and other revenues by year-end, aiming for further improvements in the subsequent year.
State Minister for Finance Shehan Semasinghe clarified that although opening a tax file is mandatory for vehicle registration, obtaining a revenue license, or land transactions, it doesn’t necessarily imply continuous tax obligations. He assured that the Inland Revenue Department assesses individuals, providing exemptions from tax liabilities where applicable.
Meanwhile, Dr. P.K.G. Harischandra, the Director of the Central Bank Economic Research Department, expressed optimism, stating that after experiencing negative economic growth rates of around 6.8 percent in the initial two quarters of the year, Sri Lanka is anticipated to achieve a positive growth rate of approximately 1.6 percent from the third quarter, marking a substantial turnaround in the country’s economic trajectory.
Source: https://www.msn.com/en-xl/asia/other/tax-revenue-surpasses-rs-3-trillion/ar-AA1kg7Lm
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