State revenue exceeds target in 2024 1Q

State Minister of Finance Dr. Ranjith Siyambalapitiya said that after many years of difficult challenges, it has been possible to exceed the expected state revenue target in the first quarter of 2024.

The Minister pointed out that during that period, Sri Lanka Customs, Excise and Inland Revenue Departments, which are the main revenue earners of the country, earned Rs. 834 billion.

He said that the expected revenue target was Rs. 787 billion and this has been surpassed by 6 percent.

According to the State Minister, the target given to the Inland Revenue Department for the first quarter of 2024 was Rs. 381 billion, but it has earned Rs. 430 billion, 13 percent more than the target.

He also added that the Customs Department has managed to reach the target of Rs. 353 billion and the Excise Department has also achieved 96 percent of the revenue target while earning Rs. 51 billion.

The State Minister also pointed out that the Government expects an income of Rs. 4,106 billion in the year 2024.

State Minister Siyambalapitiya who said that the reason for the economic crisis in the past period was the decrease in state revenue, said that the exceeding of these targets in the first quarter of this year and considering the revenue earning pattern, the year 2024 will become a year in which the revenue targets can be achieved after a long time.

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