Monday Jan 06, 2025
Monday Jan 06, 2025
Saturday, 4 January 2025 02:37 - - {{hitsCtrl.values.hits}}
The Inland Revenue Department (IRD) yesterday announced that it has achieved the highest-ever tax revenue in 2024, collecting Rs. 1.95 trillion.
The record-breaking figure represents a 25.1% increase from the Rs. 1.56 trillion collected in 2023, highlighting significant growth in various tax categories.
Income tax collection reaches Rs. 1,023 billion in 2024, marking an increase of Rs. 112.1 billion compared to the previous year. The Value Added Tax (VAT) also demonstrated substantial growth, with revenue increasing by Rs. 245.5 billion to Rs. 714.7 billion.
The Social Security Contribution Levy (SSCL) generated Rs. 187 billion, while the Gaming and Betting Levy added Rs. 14.9 billion to the total tax revenue. Additionally, the Share Transaction Levy contributed Rs. 3.1 billion. The IRD also reported collecting Rs. 14.8 billion in taxes remitted to Provincial Councils and Rs. 271 million from other tax sources.
The impressive performance comes following the crucial agreement with the International Monetary Fund (IMF) with major economic reforms to enhance the tax administration and revenue collection mechanism. Accordingly, the Government has to achieve an ultimate revenue target of 15% of GDP.
