Sri Kanka 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.
- 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.
