Sri Lanka, Nov. 24 -- The Inland Revenue Department (IRD) announced that 200,000 new taxpayers have been registered so far in 2025.

Senior Deputy Commissioner of the IRD, P. Nandana Kumara, said that 18,000 new company registrations have also been recorded this year.

According to the Department, the number of individual taxpayers has now risen to 1.2 million, while excise duty registrations have reached 30,000-an indication of strengthened tax administration.

Meanwhile, tax revenue, which stood at Rs. 1,025 billion in 2019, dropped to Rs. 523 billion in 2020 before rising slightly to Rs. 632 billion in 2021. Collections increased significantly in the following years, reaching Rs. 1,058 billion in 2022 and Rs. 1,842 billion in 2023. The...