• The Inland Revenue Department (IRD) of Sri Lanka exceeded its tax collection target for the second consecutive quarter, collecting Rs. 902 billion in the first half of 2024, surpassing the target of Rs. 826 billion.

The Inland Revenue Department (IRD) of Sri Lanka surpassed its tax collection target for the second consecutive quarter in 2024, collecting Rs. 902 billion in the first half of the year, exceeding its target of Rs. 826 billion. In the first quarter alone, IRD collected Rs. 430 billion against a target of Rs. 381 billion. The IRD is optimistic about achieving 60% of its annual target of Rs. 2,024 billion in the second half of the year, as many payment periods fall into this period. Additionally, the Advanced Personal Income Tax (APIT) collection also surpassed expectations, with Rs. 100 billion collected against a target of Rs. 82 billion.

Furthermore, the IRD has opened 1,132,598 tax files as of May 31, 2024, with 353,465 registered for APIT and 255,000 new tax files opened this year. Interestingly, individuals registered for APIT who already have an income tax file have their employee income classified under PAYE, which has impacted Personal Income Tax (PIT) collection. The IRD has also registered five million individuals under voluntary tax registration, though only half have been informed of their Tax Identification Numbers (TIN), thanks to coordination with other state institutions like the Department of Motor Traffic.

IRD beats target again, collects Rs. 902 b by 1H | The Morning