Government revenue collection in 1Q outperforms target by 6% to net Rs. 834 b

• State Minister of Finance Siyambalapitiya remains hopeful of achieving 2024 State revenue goals 

State Minister of Finance Ranjith Siyam-balapitiya announced yesterday that the Government has surpassed its expected revenue in the first quarter of 2024, marking a significant achievement after years of economic challenges.

“During the first quarter of the year, the Sri Lankan Customs, Excise and Inland Revenue Departments, which serve as the three key State revenue collectors, have amassed Rs. 834 billion, exceeding the expected revenue target of Rs. 787 billion by 6%, he said.

Highlighting the specific contributions, Siyambalapitiya revealed that the Inland Revenue Department earned Rs. 430 billion, marking a notable 13% increase from the allocated Rs. 381 billion for the first quarter of 2024. Additionally, the Customs Department successfully reached its target of Rs. 353 billion, while the Excise Department achieved 96% of its revenue target, earning Rs. 51 billion. “Looking ahead, the Government anticipates an income of Rs. 4,106 billion for the fiscal year 2024,” he added. 

With the first quarter of 2024 surpassing revenue targets and exhibiting a positive revenue trend, he expressed optimism that 2024 will be a year where revenue targets can be met.

“The encouraging performance in revenue generation during the first quarter of 2024 reflects positive economic momentum and provides a promising outlook for the country’s fiscal health for the rest of the year,” he said, attributing past economic crises to a decline in Government revenue.