IRD says first 8 months revenue collection up 28.5% to Rs. 1.22 t

Tax revenue collection in the first eight months of this year has seen a substantial increase to over Rs. 1.22 trillion, reflecting a 28.5% year-on-growth (YoY) compared to Rs. 956.41 billion collected during the same period in 2023.

The Inland Revenue Department stated that the key contributors to this growth include; corporate and non-corporate income tax which rose from Rs. 535,301 million in first eight months in 2023 to Rs. 624,439 million in the same period in 2024, whilst the Value Added Tax (VAT) saw a significant increase from Rs. 307,692 million to Rs. 468,863 million.

Additionally, social security contribution levy increased form Rs. 107,898 million to Rs, 122,917 million and the betting and gaming levy too saw a notable rise from Rs. 3,448 million in first eight months of 2023 to Rs. 11,355 million during the same period in 2024.

However, the share transaction levy decreased from Rs. 1,901 million in 2023 to Rs. 1,453 million in 2024. Despite this, other taxes category registered an increased from Rs. 178 million to Rs. 219 million in 2024.

The IRD attributed this favourable growth to a combination of new tax policies, improvements in the country’s economic conditions and more efficient tax administration.

In 2023, the IRD collected a total revenue of over Rs. 1.55 trillion (Rs. 1,550,589 million).

The Department also extended its gratitude to all citizens and entities who have contributed to the economy through their tax payments. 

“We remain committed to providing efficient and effective tax administration services to our valued taxpayers,” it added.