January 13, Colombo (LNW): The Inland Revenue Department (IRD) has achieved a historic milestone by surpassing its tax revenue target for 2023, recording an impressive Rs. 1,550.6 billion, exceeding the set target of Rs. 1,492 billion by 104 percent. Deputy Commissioner General of the Inland Revenue Department, Saman Shantha, emphasized the success of the department’s initiatives during a briefing to the Daily News on January 12.
Shantha clarified that individuals over 18 need not fear obtaining the Taxpayer Identification Number (TIN) certificate, as it doesn’t entail tax payment obligations unless their annual income exceeds Rs. 1.2 million. Since the commencement of issuing TIN certificates for those over 18 on January 1, over 50,000 certificates have already been issued within a short span until January 12.
Expressing the overwhelming response, Shantha mentioned a high number of requests and applications received for TIN certificates in the first half of January, indicating the program’s success. Due to the increased demand, more officers will be assigned to expedite the processing of TIN certificates from the following week.
Shantha estimated that it will take about two months to identify and categorize the groups that have registered for TIN certificates. Looking ahead, he outlined the ambitious target of Rs. 2,024 billion for tax revenue in 2024.
The Inland Revenue Department’s achievements in 2023 are commendable, with a total revenue collection of Rs. 1,550.6 billion compared to Rs. 861.233 billion in 2022. The department has witnessed remarkable growth, with a revenue collection increase of 80 percent for 2023. Specifically, Corporate and Non-Corporate Income Tax recorded a growth of 25 percent, Value Added Tax (VAT) grew by 59 percent, Advance Personal Income Tax surged by 473 percent, and Advance Income Tax saw an impressive growth of 684 percent compared to the previous year.
