Sri Lanka, July 2 -- Sri Lanka's Inland Revenue Department's annual performance report indicates a substantial increase in overall tax revenue for 2024, marking a 42.22% growth, compared to 2023.

Despite this growth, the total collected tax revenue was Rs. 2,620,067 million, falling short of the estimated Rs. 2,740,443 million for the year.

The government's total income also saw a notable increase, rising from Rs. 3.05 trillion in 2023 to Rs. 4.03 trillion in 2024.

The Inland Revenue Department states this represents a gross growth rate of 32.21%.

The shortfall in estimated tax revenue for 2024 was only approximately Rs. 50.9 billion.

Published by HT Digital Content Services with permission from Hiru News....