Public Finance Data and Analysis
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Sri Lanka's tax revenue in 2024 reached a record Rs. 1,958 billion, a 25% increase driven primarily by income tax collections (Rs. 1,023.2 billion), although it fell short of the Rs. 2,024 billion target, highlighting the government's reliance on tax increases for economic recovery under the IMF programme.
Sri Lanka's tax revenue reached an all-time high in 2024, with the Inland Revenue Department (IRD) collecting Rs. 1,958 billion, a 25% increase from 2023 but falling short of the Rs. 2,024 billion target. The Rs. 392.7 billion growth was primarily driven by income tax collections, which contributed Rs. 1,023.2 billion, while the value-added tax generated Rs. 714.7 billion and the Social Security Contribution Tax added Rs. 187 billion. Other contributions included Rs. 14.9 billion from betting and gaming, Rs. 3.1 billion from stock transactions, and Rs. 271 million from various other taxes, with Rs. 14.8 billion transferred to Provincial Councils. IRD Commissioner General Sepalika Chandrasekara expressed gratitude to taxpayers, acknowledging their role in supporting the country’s recovery amidst tax increases aligned with the government's economic programme under the International Monetary Fund.
