IRD rakes in highest ever tax revenue of Rs.1,550.6 Bn in 2023

The Inland Revenue Department (IRD) has achieved its highest ever tax revenue of Rs. 1,550.6 billion in 2023 exceeding the target of Rs. 1,492 billion given to them for the year which is 104 percent of the set revenue target of Rs.1,492 billion given for 2023.

Deputy Commissioner General Inland Revenue Department, Saman Shantha (Media Committee Chairman) told Daily News yesterday (12), that those who are over 18 should not be afraid to obtain the Taxpayer Identification Number (TIN) certificate, as registering with Inland Revenue Department for a TIN does not mean that they require to pay taxes as only those individuals earning a fixed annual income of over Rs. 1.2 million are required to pay income tax.

He said that since the initiation of issuing TIN certificates for those over 18 years old which commenced on January 01, over 50,000 TIN certificates have been already issued since 03 January up to now. He said that people are well aware that those who are over 18 years of age require registering and obtaining TIN certificates and there have been a very high number of requests and applications that have been received since 01 January, 2024 to obtain TIN certificates.

The Deputy Commissioner of Inland Revenue said that so far within less than half a month for such a large number of people obtaining TIN certificates shows the level of success of the program to register over 18 years citizens to obtain TIN certificates.

He said that due to the high demand in people over 18 years coming to Inland Revenue Department to apply for TIN registration, from next week more officers will be assigned to issue TIN certificates, as it takes around 2 to 3 days after receiving the TIN application from an individual to verify details for accuracy and to process and issue the TIN certificate which he said will speed up from next week.

Saman Shantha said that it will take around two months from now to be able to identify and categorize which groups have registered for TIN certificates more.

The Deputy Commissioner General added that the target of Tax Revenue to achieve in the year 2024 is set at Rs.2,024 billion.The total revenue collected by Inland Revenue for the year 2023 is Rs.1,550,589 Million compared to the total of Rs. 861,233 earned in 2022. The Inland Revenue Department has succeeded in raising the tax revenue by 80 percent up to Rs.1,550.6 Billion for 2023 and by doing so has made a commendable contribution to maintain the financial position of the Government at a very strong base.

The Department has achieved a remarkable revenue collection growth of 25 percent in Corporate and Non-Corporate Income Tax, 59 percent in Value Added Tax (VAT), 473 percent in Advance Personal Income Tax and 684 percent in Advance Income Tax when compared to 2022.

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