Sri Lanka’s state revenue increases by 25% in January following VAT increase

Sri Lanka’s state revenue had increased by 25 percent in January following the increase of Value Added Tax (VAT), State Minister of Finance Ranjith Siyambalapitiya said on Thursday.

Addressing Parliament, Siyambalapitiya said that the estimated state revenue for January was 219 billion rupees, but the government collected 274 billion rupees in January 2024.

Siyambalapitiya said the Sri Lankan government collects revenue through the Customs Department, the Excise Department, and the Inland Revenue Department.

The Customs Department has collected 121 billion rupees, the Excise Department 39 billion rupees, and the Inland Revenue Department has collected 114 billion rupees in January 2024, he said.

The State Minister added that the increase in state revenue will ultimately benefit all the people in the country.He also told Parliament that inflation was recorded as 6.4 percent in January while the food inflation was only 3.3 percent.