Excise Department Reports 28% Increase in Tax Revenue for Early 2023

Date:

June 07, Colombo (LNW): The Excise Department has achieved a significant tax revenue milestone, collecting Rs. 88.7 billion from January 1, 2023, to May 31, 2023. This marks a notable increase compared to the Rs. 69.9 billion earned during the same period last year, reflecting an additional Rs. 19 billion or a 28% increase, according to Excise Commissioner General M. J. Gunasiri.

In 2022, the Excise Department’s total revenue was Rs. 169 billion, which has increased to Rs. 179 billion in 2023, showing a growth of Rs. 9 billion year-on-year. By the end of the first five months of 2023, the department targeted Rs. 91.2 billion in tax revenue, achieving 98% of this goal.

Despite an emergency situation in the first week of the year, which resulted in a temporary suspension of production at several liquor manufacturing companies and a loss of approximately Rs. 2 billion, the department’s revenue remained robust. This resilience is attributed to the department’s effective tax collection strategies rather than increases in tax rates.

In 2023, the government raised the excise duty by 14%, following two 40% increases in the previous year. However, Commissioner General Gunasiri emphasized that the revenue increase was not solely due to higher tax rates but rather to improved efficiency and management, even amidst a declining trend in alcohol production.

Share post:

spot_imgspot_img

Popular

More like this
Related

Gregory Lake Shines Globally, But Sri Lanka Must Lure Luxury Tourists

Gregory Lake Shines Globally, But Sri Lanka Must Lure Luxury Tourists

Colombo’s Beira Lake Revival: Mega Project, Seaplanes and Eco Boats

Colombo’s Beira Lake Revival: Mega Project, Seaplanes and Eco Boats

Sri Lanka’s Green Hydrogen Push: Bold Vision or Costly Gamble for NPP?

Sri Lanka’s Green Hydrogen Push: Bold Vision or Costly Gamble for NPP?

Ranil Wickremesinghe’s Arrest: Unconstitutional?

Ranil Wickremesinghe’s Arrest: Unconstitutional?