Tuesday Nov 25, 2025
Tuesday Nov 25, 2025
Tuesday, 25 November 2025 03:03 - - {{hitsCtrl.values.hits}}
The Inland Revenue Department (IRD) yesterday announced that 200,000 new taxpayers have been registered so far this year pushing individual taxpayers to 1.2 million, reflecting continued improvements in the country’s tax administration and compliance efforts.
Addressing a special media briefing organised by the Government Information Department, Senior Deputy Commissioner P. Nandana Kumara said the revenue collection continues strong upward trend.
He noted that the Department has also recorded 18,000 new company registrations in 2025, signalling increased formalisation of business activity.
“With the latest registrations, the number of individual taxpayers has now reached 1.2 million, while excise duty registrations have climbed to 30,000” he said.
It was noted that tax revenue, which stood at Rs. 1,025 billion in 2019, dropped sharply to Rs. 523 billion in 2020 before edging up to Rs. 632 billion in 2021. Collections strengthened considerably thereafter, rising to Rs. 1,058 billion in 2022 and Rs. 1,842 billion in 2023.
The momentum continued in 2024 with a record-high Rs. 2,620 billion, and officials expressed confidence that the 2025 annual target will also be achieved.
Last week, IRD said it has collected over Rs. 2 trillion as of 17 November, the highest annual revenue in its history. The tally exceeds the full-year figure for 2024 by over Rs. 60 billion. The Department said crossing the Rs. 2 trillion mark within 11 months strengthens the State’s fiscal position.
According to Kumara, VAT revenue has increased by 21% compared to last year, while income tax collections are up by 14%, supported by expanded taxpayer coverage and enforcement.
Officials also confirmed that the personal tax threshold has been increased from Rs. 1.2 million to Rs. 1.8 million for the 2025 assessment year.
