COLOMBO, April 22 (Xinhua) -- Sri Lanka has exceeded its state revenue target for the first quarter of 2024 by 6 percent, the country's State Minister of Finance Ranjith Siyambalapitiya said on Monday.
In a press statement, he said the government expects a revenue collection of 4,106 billion rupees (about 14 billion U.S. dollars) in 2024.
Siyambalapitiya said the government wants its revenue to be at least 14 percent of the GDP and that he believes the revenue target for the year can be achieved.
The Sri Lankan government collects revenue through three institutions, i.e., Sri Lankan Customs, the Excise Department, and the Inland Revenue Department, and has collected 834 billion rupees (about 2.8 billion dollars) in the first quarter, compared with an expected revenue target of 787 billion rupees (about 2.6 billion dollars) in the period, he said.
Under International Monetary Fund-backed reforms, Sri Lanka has raised its value-added tax, imposed new taxes, and increased personal income taxes to boost revenue. ■
