Sri Lanka Falls Short of Tax Target in 2023, Committee Report Reveals

COLOMBO (News 1st); A new report by the Parliamentary Committee on Ways and Means highlights a shortfall in government tax revenue for 2023.

The report reveals that the government fell short of its expected tax revenue target by a significant margin.

Initial projections forecast revenue of 3,104 billion rupees, but the actual collection only reached 2,695 billion rupees.

This translates to a deficit of 408 billion rupees.

Sri Lanka Customs recorded the largest shortfall, failing to collect 246 billion rupees in anticipated revenue.

Despite the shortfall, the government has set an even more ambitious target of 3,789 billion rupees for tax revenue in 2024.