The Sri Lankan government has projected an additional tax revenue of Rs. 1,276 billion for the year 2024, signaling a comprehensive financial strategy aimed at boosting public funds. A major component of this ambitious plan involves the Value Added Tax (VAT), which is expected to contribute Rs. 720 billion to the overall revenue target.

With approximately 5.1 million households in Sri Lanka, the government envisions an average increase of Rs. 141,176 in tax revenue per household per year. The VAT is positioned as a significant contributor to this increase, with plans to collect Rs. 11,764 more from each household through VAT alone in the upcoming year.