Sri Lanka, April 21 -- Sri Lanka's government revenue witnessed a significant 32.2% year-on-year increase in 2024, reaching Rs. 4,080 billion, according to the Central Bank of Sri Lanka (CBSL).

This substantial growth was accompanied by a notable rise in the number of registered income tax payers, which surpassed 1.4 million by the end of the year, up from 879,778 in 2023.

The CBSL's annual economic review highlights that this revenue surge was primarily driven by increased tax collections across various sectors, including income tax, value-added tax (VAT), excise duties, import duties, the special commodity levy (SCL), and the social security contribution levy (SSCL).

Consequently, tax revenue as a percentage of GDP rose to 13.5% in 2...