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

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.

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