• In May 2024, Sri Lanka collected a record Rs. 400 billion in revenue, with total government revenue for the first five months reaching Rs. 1,619.2 billion, significantly up from Rs. 1,122.4 billion in the same period in 2023, driven by quarterly income tax payments and exceeding inflation impact.

In May 2024, Sri Lanka collected a record Rs. 400 billion in revenue, with government revenue and grants reaching Rs. 1,619.2 billion for the first five months, up from Rs. 1,122.4 billion in the same period in 2023, according to the Central Bank. Frontier Research's Thilina Panduwawala highlighted that average monthly revenue has been above Rs. 300 billion, with quarterly income tax payments contributing to the May peak. He noted that revenue collection is exceeding inflation impact, potentially raising the revenue-to-GDP ratio above 13% in 2024. Meanwhile, total expenditure and net lending decreased to Rs. 1,986.0 billion from January to May 2024, down from Rs. 2,137.1 billion in 2023, leading to a primary surplus of Rs. 550 billion, surpassing the IMF's expectation of Rs. 323 billion for the year. The overall budget deficit reduced to Rs. 366.8 billion, compared to Rs. 1,014.7 billion in the previous year, marking a significant improvement in fiscal stability.

SL collects record revenue in May | The Morning