State Minister of Finance Ranjith Siyambalapitiya said that the state revenue in Sri Lanka has seen a significant increase of 50 percent in comparison to the previous year, 2022.
He emphasized that the government's revenue was among the lowest in the world in 2022, accounting for only approximately 8.3 percent of the Gross Domestic Product (GDP).
State Minister Siyambalapitiya highlighted the progress made by Sri Lanka over the past year. However, he also acknowledged that this increase is still insufficient, as indicated by the International Monetary Fund (IMF).
The IMF has recommended that the Sri Lankan authorities address administrative issues and take measures to prevent tax evasion, which has been a significant obstacle to achieving revenue targets. New revenue targets have been set to improve the country's fiscal situation.
