Inland Revenue Department Records Remarkable 216% Growth in Tax Revenue Collection: Rs. 316 Billion Collected in Q1 2023

Inland Revenue Department Collects Rs. 316 Billion in Tax Revenue in the First Quarter of 2023, Marking 216% Growth Compared to Previous Year

The Commissioner General of the Inland Revenue Department, D.R.S. Hapuarachchi, announced that the department has collected a staggering Rs. 316 billion as tax revenue during the first quarter of the year 2023. This marks a significant increase compared to the tax revenue of Rs. 146,565 million collected during the same period in 2022, showcasing a remarkable growth of 216%.

Mr Hapuarachchi attributed this favourable growth to several factors, including the implementation of a new tax policy, a gradual improvement in the country’s economic situation, and enhanced efficiency in tax administration. He also noted that while the Social Security Contribution Levy (SSCL), which was implemented on 01.10.2022, did not impact the first quarter of 2022, a drop in share market transactions resulted in a reduction in the Share Transaction Levy. Additionally, the abolition of the Economic Service Charge (ESC), Nation Building Tax (NBT), and Debt Repayment Levy led to a reduction in other taxes.

This significant increase in tax revenue collection by the Inland Revenue Department during the first quarter of 2023 reflects the efforts undertaken to boost revenue generation and improve tax administration in the country. The department’s success in surpassing the previous year’s figures is seen as a positive sign for the overall economic outlook and fiscal performance of the country