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State revenue up by 25 percent in January after VAT increase: Siyambalapitiya

8 February 2024 01:37 pm - 30     - {{hitsCtrl.values.hits}}

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By Ajith Siriwardana and Yohan Perera

Parliament, Feb. 08 (Daily MIrror)- State revenue has increased by 25 percent in January after the VAT increase, where Rs. 274 billion was recorded in January 2024, whereas the estimated state revenue was Rs. 219 billion, State Minister of Finance Ranjith Siyambalapitiya said today.

The Minister said the Customs Department was set a target of Rs. 114 billion for January and it had recorded Rs. 121 billion, which is 11 percent more than the estimated revenue.

"The Excise Department recorded Rs. 14 billion exceeding the revenue target of Rs. 12 billion. The Inland Revenue Department has recorded Rs. 114 billion more than the set target of Rs. 88.9 billion," the Minister said.

Speaking during the adjournment debate on the government policy statement, he told Parliament that inflation was recorded as 6.4 percent while the food inflation was only 3.3 percent.

“Some people claimed that the prices of goods will go up excessively in January after the VAT increase. However, the inflation in January was recorded as 6.4 percent. Food inflation was only 3.3 percent. We managed to keep the food inflation low as essential commodities were exempted from the VAT. The non-food inflation was also recorded as 7.9 percent,” he said.

The Minister said the increase in state revenue will ultimately benefit all the people in the country.


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  Comments - 30

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  • Prince Thursday, 08 February 2024 01:44 PM

    And the ministers and President is happy. Can spend lavishly

    chux Thursday, 08 February 2024 01:49 PM

    But populations reveue and their life style

    joshua Thursday, 08 February 2024 01:52 PM

    Yes, when you increase taxes the revenue will increase. What's the big story there?

    JerryL Thursday, 08 February 2024 01:55 PM

    Big deal. What a clown and this is a good clown. He should turn professional!

    johan Thursday, 08 February 2024 01:55 PM

    You people have no knowledge to increase the revenue through Cultivation,Production,Manufacture and garments export etc.All these sectors are dried up due to increase in VAT on raw materials. To Tax the poor people and empty their bowels and raise the SL revenue, do we need President and two State Finance Ministers to beat their drums with empty praise

    The Voter Thursday, 08 February 2024 02:07 PM

    Pohottuwa led government is misusing IMF program to collect people's hard earned money through taxes and to spend that money close to the election to gain votes. Fortunately majority have realised the true nature of these corrupt politicians and waiting to cast votes against.

    Ram Thursday, 08 February 2024 02:08 PM

    Minister Siyambalapitiya has said the increase in state revenue will ultimately benefit all the people in the country. It is not so. It will benefit the Politicians to retain all their perks

    ANTON Thursday, 08 February 2024 02:25 PM

    YES, NOW YOU ALL WITH YOUR HENCHMEN CAN ENJOY MORE AND MORE FOREIGN TOURS.

    Suhada malli Thursday, 08 February 2024 02:31 PM

    Dear Team Finance The country was planning to introduce wealth tax in 2024 which is a type of tax that will tax the genuine rich! by increasing VAT we as a nation ends up further taxing the poor. A very bad decision to delay wealth tax. At least after the elections are over please reduce VAT to 12%, increase the Salary tax relief from the current 100,000 to 180,000 and introduce wealth tax. Do the right thing at least now after messing it up for 76 years.

    VJ Thursday, 08 February 2024 02:39 PM

    More than 50% of the retailers don’t collect or remit VAT. The increase of the VAT was only 3% The price of milk has gone up by Rs.30/Liter. Rice such as Keri samba is no more on the shelves, when this happens, a price increase is about happen. Not a major issue, other cheaper variants are available.

    Sivalingam Thursday, 08 February 2024 02:41 PM

    Increase in revenue means more luxuries for the leeches of Diyawannawa.

    Kandiah Balendran Thursday, 08 February 2024 02:41 PM

    Taxes for the people, luxuries for the politicians.

    Kishu Gomes Thursday, 08 February 2024 02:42 PM

    Revenue up, wastage also up.

    Senior citizen Thursday, 08 February 2024 02:54 PM

    INCREASE THE FD RATE FOR US SENIOR CITIZENS SO THAT WE CAN LIVE AND DIE WITH DIGNITY .. 9.55% IS HARDLY ENOUGH FOR US TO BUY MEDICINES ON A REGULAR BASIS OR PAY OUR RENT AND UTILITY BILLS . WE ARE SUFFERING

    A Thursday, 08 February 2024 03:26 PM

    Yes now increase your expences also and paybfor the loss making Public companies. Musg be happy

    Observer Thursday, 08 February 2024 03:48 PM

    As per my knowledge no country has succeeded in such a rapid increase of the revenue in such a short time.Congratulations for this success. Two weeks back ,when I was in country side in Sri Lanka , I met some some families with small kids who haven’t seen Fish/ Meat / eggs in their Kicherns for weeks long .It’s heart breaking despite of this high revenue!! My questions is when those will get the famine relief before you break another record of revenue?

    penny is wise pound is foolish Thursday, 08 February 2024 11:11 PM

    Sadly, an elderly couple, aged 58 and 59, try to take their lives due to unmanageable medical expenses. May our politicians be blessed with wisdom. Prioritize collecting the overdue 6-billion tax payments from liquor companies before making boasts.

    Starvation percentage Thursday, 08 February 2024 03:49 PM

    Wow but in what percentage starvation increased could u express it also?

    Nimal Thursday, 08 February 2024 03:51 PM

    also many politician's pockets are up by 15 %

    Premalal Perera Thursday, 08 February 2024 05:13 PM

    Increase in state revenue will benefit the people? Give me a break.

    Bernard Jayatilake Thursday, 08 February 2024 05:17 PM

    This is not an achievement or a feat as anybody without any education can increase taxes which affects all the sectors of the economy and as a result consumer spending has been reduced by 25 per cent due to erosion of their disposable income.

    Priyan66 Thursday, 08 February 2024 06:02 PM

    You tax people and maintain inefficient

    Sambo Thursday, 08 February 2024 07:24 PM

    Just by this much! How can you earn a higher revenue on tax if the public has no spending power, This is another misleading statement by the ministry of finance. For example, after the price of alcohol and tobacco were increased are you trying to say the consumption has increased.

    Sam Silva Thursday, 08 February 2024 07:33 PM

    Did the politicians revenue go up at the same time??

    sam Thursday, 08 February 2024 07:50 PM

    So you politicians have more public money to spend!

    SSZ KHAN Thursday, 08 February 2024 08:45 PM

    And the majority of people are eating 25% less...

    sam silva2 Friday, 09 February 2024 04:59 AM

    FOOLING THE MASSES _ THE CLOWN'S MAGIC! KILL POOR PEOPLE _ DONT PAY STATE LOANS BACK AND SHOW COUNTRY IS BACK ON TRACK! MR>BEAN"S PAPADAMAS TRICKS!

    DOT Friday, 09 February 2024 05:39 AM

    But your former ccollege Hon. Mahindananda Aluthgamage tells otherwise

    Jude Friday, 09 February 2024 07:34 AM

    Siyabala you're talking as if you invented the VAT !!

    Roy b Friday, 09 February 2024 04:44 PM

    Fool this revenue increase because the people are shouldering your ills playing high electricity, water bills, taxes, vat etc., and because of anything and you guys enjoy on it at poor people's expense. Shame


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