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ஜெனரல்
The Government of Sri Lanka reported a significant rise in revenue for the first eight months of 2024, with total government revenue, including grants, increasing by 40.5% to Rs. 2,565.9 billion, up from Rs. 1,826.6 billion in the same period of 2023. This growth was primarily driven by a strong performance in tax revenue, which surged by 41.4% to Rs. 2,348.5 billion. Notably, taxes on goods and services, constituting 60.5% of total tax revenue, experienced a dramatic rise of nearly 60% to Rs. 1,421.3 billion, with the value-added tax (VAT) contributing significantly by climbing 87.2% to Rs. 842.5 billion, attributed to recent rate adjustments, a lower registration threshold, and the removal of numerous exemptions. Revenue from income taxes also showed solid growth of 16.3%, reaching Rs. 624.7 billion, supported by enhanced tax compliance and advanced tax policies, including the advance personal income tax (APIT) and withholding tax (WHT). Additionally, non-tax revenue collections increased by 31.7% to Rs. 209.3 billion, driven by higher revenues from fines, fees, charges, and interest income. This fiscal update was part of the Pre-Election Budgetary Position Report 2024, released by the Secretary of the Ministry of Finance, Economic Development, Policy Formulation, Planning, and Tourism, in accordance with Section 52 of the Public Financial Management Act, No. 44 of 2024.
