Inland Revenue Dept. earns revenue of 105% exceeding expected targets
May 1, 2023 11:25 am
State Minister of Finance Ranjth Siyambalapitiya says that the Inland Revenue Department has earned revenue of 105 per cent exceeding the expected revenue in the first quarter of this year.
Speaking to the media in the Urapola area, the State Minister also mentioned that most of that revenue has been generated by Sri Lanka Customs.
He said the target of the Inland Revenue Department for the whole year is USD 1,665 billion as stated in the budget and that the target for the first quarter is Rs. 302 billion. "There is a pattern of revenue collection. We divide the quarters based on that.”
Accordingly, State Minister Siyambalapitiya expressed that the Inland Revenue Department needed to generate USD 302 billion, and that nevertheless, they have earned USD 316 billion.
“That means they have generated a revenue of 105%”, he added.
The most important thing is that if we look at the first quarter of the Excise Department, the revenue generated is at 64%. We are specifically looking at that revenue.
“The use of legal alcohol has decreased. On the other hand, illegal drugs are being used. We have to find out whether it poses a health problem.”
“However, the Inland Revenue Department has exceeded its revenue targets”, Siyambalapitiya highlighted.
