State Minister of Finance Ranjith Siyambalapitiya announced that the Inland Revenue Department (IRD) has exceeded its revenue targets in the first quarter of the year, generating a total revenue of USD 316 billion, which exceeds the expected revenue of USD 302 billion by 105%. Siyambalapitiya made this announcement while speaking to the media in the Urapola area.
The State Minister mentioned that the majority of the revenue has been generated by Sri Lanka Customs. The Inland Revenue Department’s target for the whole year is USD 1,665 billion, as stated in the budget, with the target for the first quarter being Rs. 302 billion. Siyambalapitiya explained that revenue collection is patterned based on quarterly divisions.
The Excise Department’s revenue generation rate in the first quarter was 64%, with Siyambalapitiya stating that the department’s revenue is being closely monitored. He noted that the consumption of legal alcohol has decreased, while the use of illegal drugs has increased, and further investigation is needed to assess potential health problems.
Despite this, Siyambalapitiya emphasized that the Inland Revenue Department has exceeded its revenue targets for the first quarter.