Personal Income Tax Hikes Result In Rs. 25 Billion Additional Income In First Quarter

The Inland Revenue Department (IRD) has announced that the government has generated over Rs. 25 billion through the Advance Personal Income Tax in the first quarter of 2023.

This comes in the wake of the recent tax hikes announced by the Government in order to increase the direct tax revenue.

The total revenue from this tax between January to March was Rs. 25,577 million. The tax revenue collected was Rs. 3,106 million in January, Rs. 10,540 million in February, and Rs. 11,931 million in March.

The IRD has reported a steady growth in tax revenue during the first quarter of 2023.