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The Inland Revenue Department (IRD) has achieved its highest ever tax revenue collection to date in 2024, totalling Rs.1,958,088 million. According to Inland Revenue Department Commissioner General Sepali Chandrasekera, this is an increase of Rs.392,669 million, reflecting a growth of 25.1 percent compared to the total tax revenue of Rs.1,565,419 million in 2023.
The Commissioner General stated that the department has played a significant role in enhancing government revenue through improved tax collection efforts.
She noted that the department successfully collected Rs.1,023,207 million last year, compared to Rs.911,097 million collected in 2023 as income tax.
The Value Added Tax (VAT) collection by the department reached Rs.714,684 million last year, a significant increase from Rs.469,107 million in 2023.
The Commissioner General further noted that the Social Security Contribution Levy collection rose to Rs.187,042 million in 2024, from Rs.164,915 million in 2023.
She highlighted that there was a substantial rise in the collections of both the Betting and Gaming Levy and the Share Transaction Levy when compared to the figures from 2023.
The department has collected Rs.14,923 million as Betting and Gaming Levy in 2024 as against Rs.7,422 million in 2023 and this is an increase of 100 per cent.
The department has earned Rs.3,128 million as Share Transaction Levy compared to Rs.2,478 million earned in 2023.
Chaminda Perera
