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Sri Lanka has exceeded expectations in tax revenue collection for the first quarter of 2024, achieving 106% of its target. State Minister of Finance Dr. Ranjith Siyambalapitiya announced that the combined efforts of the Inland Revenue Department (IRD), Sri Lanka Customs, and the Excise Department resulted in the collection of Rs. 834 billion, surpassing the target of Rs. 787 billion by Rs. 47 billion. This accomplishment signifies a robust start towards meeting the government's broader revenue goals outlined in the Budget 2024, aiming for a total revenue collection of Rs. 4,106 billion, with 93% expected to come from tax revenue.
Dr. Siyambalapitiya highlighted the individual performances of the revenue collection agencies, noting that the IRD achieved 113% of its target by collecting Rs. 430 billion, while Sri Lanka Customs and the Excise Department achieved 100% and 96% of their respective targets. He emphasized the quarterly division of annual revenue targets, acknowledging variations in revenue collection patterns among agencies. For instance, while the Customs experiences increased imports and tax revenue during festive seasons, the IRD's revenue collection is influenced by the tax payments of companies at the end of financial years. Sri Lanka's attainment of the International Monetary Fund's tax revenue target of Rs. 750 billion for the first quarter not only demonstrates fiscal discipline but also supports the country's efforts to pass the second review of the Extended Fund Facility (EFF).
