Sri Lanka Collects Rs. 1.2 Trillion in Tax Revenue

COLOMBO (News 1st); The Inland Revenue Department announced a milestone in tax revenue collection for the period from January to August 2024, amounting to Rs. 1.229 trillion. This marks a notable increase compared to the same period last year.

The department highlighted that this favorable growth, a 28.5% increase from Rs. 956 billion collected during the same period in 2023, can be attributed to several factors. 

These include the implementation of new tax policies, a gradual improvement in the country's economic situation, and enhanced efficiency in tax administration.

The breakdown of tax revenue collection by type includes:

- Corporate & Non-Corporate Income Tax: Rs. 624,439 million

- Value Added Tax: Rs. 468,863 million

- Social Security Contribution Levy: Rs. 122,917 million

- Betting & Gaming Levy: Rs. 11,355 million

- Share Transaction Levy: Rs. 1,453 million

- Other Taxes: Rs. 219 million