The Inland Revenue Department (IRD) has announced a significant increase in tax revenue collection for the period of January to August 2024, with a total of Rs. 1,229,245 million being collected. This marks a 28.5% increase compared to the Rs. 956,418 million collected during the same period in 2023.
According to the IRD’s latest press release, the boost in tax revenue is driven by a combination of factors, including newly implemented tax policies, economic recovery, and improved tax administration. The breakdown of tax revenue collections highlights substantial growth in key tax categories:
- Corporate & Non-Corporate Income Tax rose from Rs. 535,301 million in 2023 to Rs. 624,439 million in 2024.
- Value Added Tax (VAT) saw a significant jump, increasing from Rs. 307,692 million to Rs. 468,863 million.
- Social Security Contribution Levy collections grew to Rs. 122,917 million from Rs. 107,898 million.
Other categories such as the Betting & Gaming Levy and Share Transaction Levy also witnessed increases.
The Department extended its gratitude to taxpayers and emphasized that this growth is a positive sign of a recovering economy, supported by more efficient tax administration.
The Commissioner General reaffirmed the IRD’s commitment to providing high-quality services to ensure continued compliance and support for the nation’s development. (Newswire)
