The Inland Revenue Department (IRD) is determined to achieve the Government’s tax revenue target by the end of next month.
A department official stated that the overall revenue goal for 2024 is Rs. 2024 billion. By the end of September, they had aimed to collect Rs. 1,338 billion but gathered only Rs. 1,300 billion, leaving a shortfall of Rs. 38 billion due to various factors.
The official added that multiple deadlines for taxpayers to settle their dues, along with penalties, have spurred a heightened effort to pay off outstanding amounts.
As a result, the department is confident in collecting the remaining Rs. 38 billion by October 30. IRD surpassed its tax collection target for the third consecutive quarter in 2024, collecting Rs. 1,338 billion in the first nine months of the year.
This accomplishment signifies a robust start towards meeting the Government’s broader revenue goals outlined in the Budget 2024, aiming for a total revenue collection of Rs. 4,106 billion, with 49.3% expected to come from tax revenue.
The Department had achieved a remarkable revenue collection growth of 25 percent in Corporate and Non-Corporate Income Tax, 59 percent in Value Added Tax (VAT), 47.3 percent in Advance Personal Income Tax and 68.4 percent in Advance Income Tax when compared to 2022.
