Updated: 00:00 GMT, Jan 1, 1970 | Published: 12:43 GMT, Dec 19, 2016 |
Finance Minister Ravi Karunanayake has said state revenue has increased by 23 percent during the first 9 months of this year.
Accordingly, state revenue in the first nine months of 2016 rose to Rs. 1,180 billion from Rs. 959 billion earned during the same period in 2015.
The Finance Minister attributed the rise in income to increased efficiency and the eradication of corruption in the process of revenue collectors such as Sri Lanka Customs, the Inland Revenue Department and the Excise Department.
A large portion of state revenue is from income taxes which have increased to Rs 1,067 billion from Rs 882 billion on year-on-year basis within the first nine months of this year.
During the last few years due to increased heavy public debt, the revenue gradually came down to an average of 11 percent of GDP in 2014. However, benefitting from the reforms in the tax revenue process state revenue is expected to increase to 13.5 % of the GDP by the end of this year, the Government Information Department said.