The government has been able to earn a record income in the first seven months of this year, following the introduction of its efficient tax collecting mechanism, Minister of Finance Ravi Karunanayake said last week. The minister points out that these incomes have been generated from the Inland Revenue Department, the Excise Department and the
Sri Lanka Customs Department.
“The three departments have earned 769,752 million rupees to the government coffers for the first seven months of this year against 625,867 million rupees in the same period of last year. Accordingly, the government received extra income of 143,885 million rupees from the three institutions. It is an increase of revenue by 23% during this period comparing to the same period of 2015,” the Ministry of Finance announced last week.
At the same time, Department of Sri Lanka Customs has earned 457,616 million rupees for the first seven months of 2016 against 376,842 million rupees in the previous year. Accordingly, the revenue by the Department of Sri Lanka Customs has been increased by 21.5%.
The Department of Inland Revenue’s earning in the first seven months of 2015 was reported as 191,596 million rupees and it has increased upto 242,811 million rupees during the same period of this year. Accordingly, the income earned by the Departments of Inland Revenue in the first seven months of 2016 has increased by 26%.
Meanwhile the Excise Department has earned 69,326 million rupees for the first seven months of 2016 against 57,276 million rupees reported during the correspondence period of the previous year. Accordingly, the revenue of the Excise Department has increased by 21%.
The three departments were able to increase their revenue during this period due to the implementation of an efficient mechanism by the government to properly collect import duty and tax revenue, and constant operations against selling illegal liquor, Finance Minister Ravi Karunanayake said.
In this backdrop, the minister is optimistic that the three departments will be able to keep continuing the trend and reach the government’s targetted income level of 2016.