Record-breaking tax collection this year?

Sri Lanka was expected to secure over Rs. 3 trillion (9.14 billion U.S. dollars) in tax revenue in 2023 for the first time in its history, Director of the Economic Development Stabilization Unit at the Presidential Secretariat, W. M. G. Kumaratunge said addressing the media on Monday.

Kumaratunge said the government had collected Rs 2,394 billion (7.29 billion dollars) as tax revenue by 17 November.

With over 30 working days left in 2023, the state could collect more than Rs. 3 trillion with ease, he said.

Kumaratunge said that expanding the tax net while streamlining the tax collection process had led to the increase in tax revenue.

The Sri Lankan government collects taxes through the Inland Revenue Department, Sri Lanka Customs and the Excise Department.

Kumaratunge said that out of the already collected Rs. 2,394 billion, the Inland Revenue Department had collected Rs. 1,415 billion (4.31 billion dollars).

Sri Lanka Customs had collected Rs. 667 billion (2.03 billion dollars), and the Excise Department Rs 217 billion (661 million dollars), he said. (RK)