Sri Lanka achieves record tax revenue in 2024

3 January 2025 05:31 pm Views - {{hitsCtrl.values.hits}} 10 Bookmark

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Sri Lanka recorded its highest-ever tax revenue in history, collecting a total of Rs. 1.95 trillion in 2024, the Inland Revenue Department (IRD) announced today.

The latest figure marks a significant 25.1% increase compared to the Rs. 1.56 trillion collected in 2023, reflecting enhanced tax collection efforts and economic growth.

According to the IRD, income tax contributed Rs. 1,023 billion to the total revenue, an increase of Rs. 112.1 billion compared to the previous year. The department also reported a notable rise in revenue from Value Added Tax (VAT), which grew by Rs. 245.5 billion during the same period.

Officials attributed the surge in tax revenue to improved compliance, policy changes, and economic recovery efforts.

Comments - 10

Indika Friday, 03 January 2025 08:57 PM

Thanks to the sensible approach and initiatives of RW's government.

15 32

BnW Friday, 03 January 2025 09:46 PM

How much IRD keeps tax payers' money by not refunding what's due for the tax payers?

0 3

GERIATRIC INCOME TAX PAYER SINCE YEAR OF ASSESSMENT 1974/1975. Friday, 03 January 2025 10:55 PM

Any complimentary benefit for Individual Income Tax Payers who have maintained Tax File for 50 Years?

1 3

Jude Saturday, 04 January 2025 09:05 AM

It could be much more higher if they can collect wm Mendis outstanding taxes,, yeah.

3 2

Jude Saturday, 04 January 2025 09:09 AM

Collect WM Mendis Taxes it will add to the record tax revenues!!

2 2

Inshi Saturday, 04 January 2025 09:28 AM

Give credit to where credit is due.

0 2

Anura Jayantha Saturday, 04 January 2025 09:30 AM

Credit for RW for ruthless inhumane taxation which will make us poorer day by day!

3 0

noff Saturday, 04 January 2025 09:33 AM

To All , Beware of Below Online Loan Providers , Debt Trap through web apps -CBSL to Monitor to regulate a law for Online loan providers as they Register under Pvt Ltd software companies with foreign connection and do financial business in large scale for years and lend money through web app on Exorbitant interest Rate of 35% to 65% per month, to avoid CBSL and Income Tax Dep ,Plus( if delay in due date another 10% per every 10days added , Plus 2.2% daily Interest added to total the Loan it will be 300%),such ,Loan Mafia companies are Fino.lk ,Loanme.lk , Fastrupee.lk, , Cash X.lk , Lotus Loan.lk, onCredi.lk. Loan Plus.lk, and its a Daylight robbery of innocent customers hard earned monies, as bank interest rate is less that 3% per month. CBSL to Bring a law to recover the Exorbitant interest Paid by innocent customers in the Past and to return the excess paid interest to customers from the above Online lenders. to Pass in Parliament ,CBSL Draft Micro fin Cred Regulatory ACT

0 0

Kandaih Balendran Saturday, 04 January 2025 09:58 AM

Tax the common people to give tax free benefits to the rich. Example stock market profits are tax exempt. No WHT also.

4 0

P K Eran Saturday, 04 January 2025 09:59 AM

Robbing Peter to pay Paul.

3 0

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