IRD surpasses Rs. 1 t tax revenue milestone

Saturday, 23 May 2026 05:42 - - {{hitsCtrl.values.hits}}

IRD Commissioner General Rukdevi P. H. Fernando

The Inland Revenue Department (IRD) yesterday announced the collection of over Rs. 1 trillion in tax revenue as of 18 May 2026, marking a major milestone in the country’s fiscal performance and revenue mobilisation efforts.

In a statement, the Department said the achievement would strengthen the country’s financial stability and support the continued delivery of public services.

IRD Commissioner General Rukdevi P. H. Fernando commended taxpayers for their contribution toward reaching the record revenue milestone.

“I am pleased to inform you that the Inland Revenue Department proudly marks the achievement of collecting over Rs. 1 trillion tax revenue as of 18 May 2026, strengthening the country’s financial stability and public services,” Fernando said.

She also acknowledged the role played by taxpayers in improving State revenue collection through direct and indirect tax compliance.

Fernando expressed appreciation to citizens and businesses that fulfilled their tax obligations, noting that taxpayer compliance had been a key factor behind the department surpassing the Rs. 1 trillion mark.

The latest revenue milestone comes amid ongoing fiscal consolidation efforts by the Government’s broader economic recovery program and revenue reform agenda.

Tax revenue mobilisation has remained a key pillar of the country’s economic stabilisation strategy, particularly under reforms linked to the International Monetary Fund (IMF) program aimed at strengthening public finances and improving debt sustainability.

The Government has in recent years implemented a series of tax policy adjustments and administrative reforms to expand revenue collection and improve fiscal performance following the country’s economic crisis in 2022.

Both IRD and Sri Lanka Customs have each now surpassed the Rs. 1 trillion milestone.