The government has been able to earn a targeted income in the first seven months of this year following the introduction of a more efficient tax collecting mechanism, Minister of Finance Ravi Karunanayake says. The minister points out that these incomes have been generated through the Inland Revenue Department, the Excise Department and the Sri Lanka Customs Department.
The three departments have collected Rs. 769,753 million for the government coffers for the first seven months of this year against Rs. 625,866 million in the same period of last year. Accordingly, the government received extra income of Rs. 143,887 million from the three institutions. This is an increase of revenue by 23% during this period comparing to the same period of 2015. At the same time, the Department of Sri Lanka Customs has earned Rs. 457,616 million for the first seven months of 2016 against Rs. 376,842 million in the previous year.
Accordingly the revenue by the Department of Sri Lanka Customs has been increased by 21.5%. The earnings of the Department of Inland Revenue in the first seven months of 2015 were reported as Rs. 191,596 million and have increased upto Rs. 242,811 million during the same period of this year.
Accordingly, the income earned by the Departments of Inland Revenue in the first seven months of 2016 has increased by 26%.
Meanwhile the Excise Department has earned Rs. 69,326 million for the first seven months of 2016 against Rs. 57,276 million reported during the corresponding period of the previous year. Accordingly, the revenue of the Excise Department has increased by 21%.
The three departments were able to increase their revenue during this period due to the implementation of an efficient mechanism by the government to properly collect import duty and tax revenue, and constant operations against selling illegal liquor, Finance Minister Ravi Karunanayake said.
In this backdrop, the minister is optimistic that the three departments will be able to keep continuing the trend and reach the government’s targeted income level of 2016.
Revenue details from January to July (in rupees millions)