Sri Lanka achieved a milestone in 2024 by recording its highest-ever tax revenue, with collections reaching Rs. 1.95 trillion. This marks a significant 25.1% increase compared to the Rs. 1.56 trillion collected in 2023, the Department of Inland Revenue announced.

The surge in revenue was driven by notable improvements in key tax categories. Income tax revenue saw an increase of Rs. 112.1 billion, while revenue from Value Added Tax (VAT) experienced a substantial rise of Rs. 245.5 billion.