Official data reveals that Sri Lanka exceeded expectations in tax collections for the fiscal year 2023, totaling 2,750 billion rupees.
This marks a significant increase of 55 billion rupees from the previous year, showcasing resilience in revenue generation amidst economic uncertainties.
Initially aiming for 3,130 billion rupees in tax collections, equivalent to 10.3% of the gross domestic product (GDP), Sri Lanka revised its target downwards to 2,596 billion rupees or 9.2% of GDP in the face of economic contractions and revised projections from the International Monetary Fund (IMF).
However, the actual collections surpassed expectations, reaching 2,720 billion rupees, constituting 8.9% of GDP. Despite lower than expected non-tax revenues of 100 billion rupees, the total revenue stood at 3,048.8 billion rupees, equivalent to 11% of GDP.
This figure, slightly below the original budget projection of 11.3% but in line with the IMF's 10.9% projection, underscores the country's efforts to maintain fiscal stability amidst challenging economic conditions.
