Revenue collection exceeds target for first quarter by more than Rs. 45 billion
The government’s revenue had exceeded the target for the first quarter of 2024 had by 6 percent, State Minister of Finance Ranjith Siyambalapitiya said on Monday.
The State Mionister said the government expcted a revenue collection of Rs 4,106 billion in 2024 and wanted the state revenue to be at least 14 percent of the GDP. He said he believed the revenue target for the year was attainable.
The State collects revenue through three institutions, Sri Lanka Customs, the Excise Department, and the Inland Revenue Department.
The government had collected Rs 834 billion in the first quarter, far above the expected revenue target of 787 billion rupees for the period, he said.
Under International Monetary Fund-backed reforms, Sri Lanka has raised its value-added tax, imposed new taxes, and increased personal income taxes to boost revenue.
