Sri Lanka’s tax revenue reached an all-time high in 2024, with the Inland Revenue Department (IRD) collecting Rs.1,958 billion, marking a 25 percent increase from the previous year.
However, despite this strong growth, the collection fell short of the government’s ambitious Rs.2,024 billion target.
The increase of Rs.392.7 billion over 2023 was primarily driven by higher income tax collections, which amounted to Rs.1,023.2 billion.
Additionally, value-added tax contributed Rs.714.7 billion, and the Social Security Contribution Tax added Rs.187 billion.
Other taxes included Rs.14.9 billion from betting and gaming, Rs.3.1 billion from stock transactions, and Rs.271 million from various other sources.
The IRD also transferred Rs.14.8 billion to the Provincial Councils.
In a statement, IRD Commissioner General Sepalika Chandrasekara expressed gratitude to taxpayers for fulfilling their obligations for the country’s benefit.
Tax increases have been a crucial element of the government’s economic recovery efforts, especially under its program with the International Monetary Fund (IMF).
