State revenue surpasses 1Q target by 6%

23 April 2024 12:00 am Views - 127

• Sri Lanka Customs, Excise Department and Inland Revenue Department together collected Rs.834bn
• State Minister Finance Siyambalapitiya expresses confidence in 2024 being year revenue targets are achieved

State revenue surpassed the target set for the first quarter of the year ended in March by 6 percent to Rs.834 billion, Finance State Minister Ranjith Siyambalapitiya said.
While the expected revenue target for 1Q24 was Rs.787 billion, the government expects a revenue collection of Rs.4,106 billion for the whole of 2024.
In a press statement, Siyambalapitiya said that it has been possible to exceed the expected state revenue in the first quarter of 2024, after many years of difficult challenges.
“The reason for the economic crisis in the past period was the reduction in the level of government revenue. 
Considering the achievement of higher than the target in the first quarter of this year and the revenue pattern, the 2024 will become a year in which the revenue targets can be achieved,” said Siyambalapitiya.
The Inland Revenue Department exceeded its target by 13 percent by collecting Rs.430 billion. 
While the Customs Department was successful in realising the Rs.353 billion target set, the Excise Department achieved 96 percent of the revenue requests, fetching Rs.51 billion.
Sri Lanka, under the International Monetary Fund programme, increased the Value Added Tax and personal income taxes, alongside introducing new taxes.
While the move has allowed the government to fetch higher revenues, the sudden increase is painful for the public.